Business, Security Connected

September EMEA #SecChat – The Economic Impact of Cybercrime

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By on Aug 22, 2014

Each year between $2-3 trillion of the global economy is generated via the Internet. With cybercrime expected to extract roughly 15-20% of these funds – a total sum of roughly $500 billion – the impact of cybercrime will undoubtedly be felt in the wallets of businesses and individuals alike. Financial loss is just one component of the damage caused by cybercrime, however. If one were to look at the cumulative and systemic effects, they would see that the reach of cybercrime is expansive and the damage done to brands, organizations and nations’ Gross Domestic Products spreads far beyond zeroes in a bank account.

While conducting our annual study, Net Losses: Estimating the Global Impact of Cybercrime, with the Center for Strategic and International Studies we found some particularly startling figures:

  • In 2013 more than 800 million individuals around the globe lost a collective $160 billion to cybercrime.
  • Losses due to cybercrime could cost 200K people to lose their jobs in the US.
  • G20 nations are the primary victims of cybercrime, with the US, China, Japan & Germany losing a combined $200 billion.
  • IP Address theft costs US businesses between $200-250 billion per year.

We’re hosting a #SecChat on September 4th to discuss the results from our Economic Impact of Cybercrime report. In addition, we will discuss how personal data loss can devastate brand trust, the impact intellectual property theft has on global trade and innovation, potential military and geopolitical repercussions, and the reasons businesses are so reluctant to release any information alerting their customer bases of an internal security breach.

We will be joined by Raj Samani, VP & CTO of McAfee EMEA, and James Andrew Lewis, Director and Senior Fellow, Strategic Technologies Program at CSIS, who will be acting as experts on the subject and help to facilitate conversation.

McAfee #SecChats provide a structured environment for security professionals to engage in dialogue with one another on pressing infosec trends and topics, but they are also a dynamic open forum. Please feel free to bring your own questions, perspective and experiences to the conversation!

To join our September #SecChat, please follow the steps below:

  • Sign into your Twitter account at www.twitter.com
  • Search for the #SecChat hashtag (using Twitter, or a Twitter client like Twubs.com) and watch the real-time stream.
  • Follow @McAfeeBusiness, @Raj_Samani and @james_a_lewis.
  • We’ll get the conversation started by posing a few questions to participants.
  • Tweet your reactions, questions, and replies to the chat, making sure to tag all your tweets with the #SecChat hashtag along the way!
  • If you have any questions prior to the chat, please tweet to @McAfeeBusiness.

For additional information prior to the chat, feel free to read our report as well as The Impact of Espionage: Intellectual Property blog. Don’t forget to mark your calendars for 9am PST / 5pm BST on September 4th and RSVP to our Twtvite.

We look forward to seeing you in September!


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