Cybercrime’s bottom line: $500 billion

No one knows the true cost of cybercrime. Annual loss estimates for U.S. corporations range from $70-140 billion in a recent report from the Center for Strategic and International Studies (CSIS) to $400 billion quoted by U.S. House of Representatives Intelligence Committee leaders who introduced the Rogers-Ruppersberger Cybersecurity Bill.

The CSIS report put global costs at up to $500 billion, while U.S. NSA Director General Keith Alexander calls cyber theft of intellectual property “the greatest transfer of wealth in human history.”

Numbers like these, and news stories about airline reservation system outages or industry-specific hacking to steal solar panel designs, blur the line between risk and theft. They also put directors and senior executives on notice-doing business in a digital world carries new and very different types of risks.

via Cybercrime’s bottom line: $500 billion.
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Journal of Law & Cyber Warfare | www.jlcw.org The Journal of Law & Cyber Warfare provides a public peer-reviewed law publication to foster open discussion and education of technology, government and legal stakeholder in relation to the complex issue of cyber warfare.  Journal of Law & Cyber Warfare accepts articles written by military, technology, judges, government officials, academic and legal practitioners.  The Journal of Law & Cyber Warfare provides a public peer-reviewed law publication to foster open discussion and education of technology, government and legal stakeholder in relation to the complex issue of cyber warfare.  Journal of Law & Cyber Warfare accepts articles written by military, technology, judges, government officials, academic and legal practitioners. The Journal of Law & Cyber Warfare is honored by the world class caliber editorial board that is involved with the Journal. Thought leaders from forensics, law, warfare, and cyber security are on the Board. The Journal is always looking for interested thought leaders who believe they can contribute in a meaningful fashion to the development of Cyber warfare scholarship.