Global cyber crime costs $600 billion annually

WASHINGTON: The annual cost of cyber crime has hit $600 billion worldwide, fuelled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers said on Wednesday.

A report produced by the security firm McAfee with the Center for Strategic and International Studies found theft of intellectual property represents about one-fourth of the cost of cyber crime in 2017.

The researchers said ransomware is the fastest-growing component of cyber crime, helped by the easy availability of marketplaces offering hacking services. The global research report comes days after the White House released a report showing cyber attacks cost the United States between $57 billion and $109 billion in 2016, while warning of a “spillover” effect for the broader economy if certain sectors are hit. Globally, criminals are using the same tools for data or identity theft, bank hacks, and other cyber mischief, with anonymity preserved by using bitcoin or other cryptocurrency.

 — Reuters