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Cybercrime causes over $500 billion in economic losses per year

Cybercrime continues to cause pain, costs over $500 billion per year.

@anthony256
Published Sun, Jul 28 2013 4:28 AM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Every day that passes, cybercrime effects millions of people, and millions more dollars. This can happen with cyber thieves stealing intellectual property, or going as far as cyber espionage.

Cybercrime causes over $500 billion in economic losses per year | TweakTown.com

According to McAfee's latest report, economic losses from cybercrimes adds up to as much as $500 billion per year. Their report goes as far as stating that cybercrime can destroy a company's image, jeapordize national security and see hundreds of thousands of people out of jobs. Cybercrime is now considered just as bad (if not worse) than physical crime, thanks to the economic domino effect it has.

McAfee's report states that for every $1 billion in loss from exports, approximately 5,080 jobs are lost. So if we're looking at global economic losses per year to reach $500 billion, this would have a detrimental effect on the global job market.

NEWS SOURCE:vr-zone.com

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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