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There’s nowhere to hide from the economics of cybercrime, which cost the global economy $544.5 billion in 2017.
New technologies and connections mean new threats to some and new opportunities for others. Cybercriminals are active with cloud technology, Artificial Intelligence (AI), Software as a Service, encryption and more. Cybercrime is even available as a service on the dark web.
Before you can fight it, you need to understand it. McAfee, an industry leader in device-to-cloud cybersecurity, teamed with Center for Strategic and International Studies (CSIS) to study global economic impact of cybercrime. Its cost varied by location, income levels, security maturity and other variables.
Cybercrime impacts nearly every location on the globe. In North America, the cost in 2017 was $157.5 billion.
In the U.S.
- $1 billion in cybersecurity insurance sold in 2016
- $209 million ransom paid in Q1 2016
- $11 billion in intellectual property theft annually
- $10 billion more in identity theft versus other crime
- 45% increase in cybercrime from 2014-2016
- Nearly 50% of small to medium business victims of a cyberattack
- Estimated $3 billion in economic damages
Europe and Central Asia shelled out $170 billion for cybercrime in 2017.
- $64 billion in cybercrime damages per year
- Most developed criminal underground in the European Union
In the U.K.
- More than $5.5 million in yearly offenses—half of all crime
- Online fraud and cybercrime were the most common crimes
- Lead cybercrime perpetrator
- 1.2 billion names/passwords acquired by one group
East Asia and the Pacific lost $160 billion to cybercrime in 2017.
- 114,000 instances of cybercrime since 2014
- Almost 24,000 in the first half of 2017 alone
- Record 70,000 reports in 2017
The cost of cybercrime in Latin America and the Caribbean in 2017 was $22.5 billion.
- 54% of cyberattacks originate from within the country
- 95% of Brazilian bank losses is cybercrime
South Asia was hit for $11 billion, Sub-Saharan Africa lost $2 billion, and the cost in Middle East and Northern Africa was $3.5 billion.
In United Arab Emirates
- Second most targeted country in the world for cyberattacks
- $1.4 billion per yea
And the threats are still growing.
- Banks spent 3x more than other businesses in fighting cybercrime.
- $209 million was taken by ransomware in Q1 2016.
- Worldwide intellectual property theft accounted for $50–60 billion.
- Cybercrime equated one-seventh the cost of all global crime.
How will you avoid being a victim? The first step is understanding. and arm yourself with knowledge. Check out “The Economic Impact of Cybercrime,” a report by McAfee and CSIS, to learn more about the global costs of cybercrime and what you can do about it.