Tuesday, June 10, 2014

Think Tank Thinks Economic Espionage Costs World Economy About $445b

The likely annual cost of cybercrime and economic espionage to the world economy is more than $445 billion — or almost 1 percent of global income, according to estimates from a Washington think tank.

That figure is lower than the eye-popping $1 trillion figure cited by President Obama, but it nonetheless puts cybercrime in the ranks of drug trafficking in terms of worldwide economic harm.

‘‘This is a global problem and we aren’t doing enough to manage risk,’’ said James Lewis, a senior fellow at the think tank, the Center for Strategic and International Studies, and co-writer of the report. (more)