Cybercrime costs U.S. economy up to $140 billion annually, report says

cyber security

cyber securityCyber attacks are putting a huge damper on our economy, but how much of a hole are they putting in our pockets?  Cyber attacks may be draining as much as $140 billion and half a million jobs from the U.S. economy each year, according to a new study that splashes water on a previous estimate of $1 trillion in annual losses.

The center completed the study with the help from cyber security giant McAfee and came up with the new figures by relying on models, such as those used to estimate the economic effects of car crashes and ocean piracy, instead of surveys of companies.

What did this report indicate?

The report looked at intellectual property theft, cyber crimes such as phishing and text messaging fraud, loss of sensitive business information, service disruptions, security costs and damage to reputation. Networks need to become safer and company behavior will greatly help with fighting cyber attacks.

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