Norton Study Calculates Cost of Global Cybercrime: $114 Billion Annually

Refer to this link from EnterpriseItNews.

One of World’s Largest Cybercrime Studies Reveals More Than One Million Victims a Day

• $114 bn = The direct cash costs of cybercrime (money stolen by cyberthugs/spent on resolving cyberattacks)
• $274 bn = Victims valued the time they lost to cyber crime.

With 431 million adult victims globally in the past year and at an annual price of $388 billion globally based on financial losses and time lost, cybercrime costs the world significantly more than the global black market in marijuana, cocaine and heroin combined ($288 billion)

The study identifies men between 18 and 31 years old who access the Internet from their mobile phone as even more likely victims: in this group four in five (80 percent) have fallen prey to cybercrime in their lifetime.