How Much Does Cybercrime Cost? $113 Billion

The losses are staggering, and they’re growing at an alarming rate

2 min read
How Much Does Cybercrime Cost? $113 Billion

According to Internet security awareness training firm KnowBe4, the losses attributable to cybercrime total US $113 billion. Take a moment to let that astounding number sink in.

Now here's some more: The fourth annual Cost of Cyber Crime Study conducted by Ponemon Institute and sponsored by HP notes that costs for businesses that are victims of Internet-based attacks has risen 78 percent per year, on average, over the past four years. And from 2010 through this year, the time needed to recover from a breach has increased 130 percent. The losses in terms of personal information, intellectual property, and system damage are staggering enough. But now the average cost of cleaning up after a successful attack has passed the $1-million mark—not counting the cost of customer lawsuits against companies whose systems have been breached.  

Meanwhile, Symantec’s just-released 2013 Norton Report notes that although the overall number of victims of online attacks has actually decreased, the average cost per victim has risen by 50 percent. "Today's cybercriminals are using more sophisticated attacks, such as ransomware and spear-phishing, which yield them more money per attack than ever before," said Stephen Trilling, Symantec’s CTO in a press release.

In Other Cybercrime News…

Image: iStockphoto

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Why the Internet Needs the InterPlanetary File System

Peer-to-peer file sharing would make the Internet far more efficient

12 min read
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Carl De Torres
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When the COVID-19 pandemic erupted in early 2020, the world made an unprecedented shift to remote work. As a precaution, some Internet providers scaled back service levels temporarily, although that probably wasn’t necessary for countries in Asia, Europe, and North America, which were generally able to cope with the surge in demand caused by people teleworking (and binge-watching Netflix). That’s because most of their networks were overprovisioned, with more capacity than they usually need. But in countries without the same level of investment in network infrastructure, the picture was less rosy: Internet service providers (ISPs) in South Africa and Venezuela, for instance, reported significant strain.

But is overprovisioning the only way to ensure resilience? We don’t think so. To understand the alternative approach we’re championing, though, you first need to recall how the Internet works.

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