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Cyberattacks Cost The Global Economy $445 Billion Each Year

Cyberattacks Cost The Global Economy $445 Billion Each Year

A Washington, D.C. based think tank recently calculated the cost of global cybercrime each year and found the reach of hackers has continued to expand. The Center for Strategic and International Studies has estimated that cybercrime and espionage cost the global economy $445 billion each year – nearly 1 percent of global income. These new figures place cybercrime among the likes of drug trafficking crimes in regard to annual economic damages.

Study finds vulnerabilities around the world

The report found that the most technologically advanced countries incurred the most significant financial losses. In 2013, the U.S., Germany and China suffered approximately $200 billion in losses, much of which was caused by intellectual property theft by foreign governments. The U.S. and China lost about 0.6 percent of their economies, while Germany lost 1.6 percent.

“Cybercrime costs are big, and they’re growing,” said Stewart A. Baker, co author of the study and a past Department of Homeland Security policy official. “The more that governments understand what those costs are, the more likely they are to bring their laws and policies into line with preventing those sorts of losses.”

At the moment, however, not enough is being done to counter cyberattacks in either government or business, the report found.

“This is a global problem and we aren’t doing enough to manage risk,” said James A. Lewis, senior fellow at the CSIS and co author of the report.

As the world waits for governments to impose stricter cybersecurity laws, business owners are turning to the most up to date business equipment to keep their company data safe, as modern technology and software can help a company protect itself more effectively. Because investing in brand new technology can be costly, many have opted to explore their IT equipment lease options from lenders like National Funding to find the equipment they need at a price they can afford.


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