CybersecurityCost to U.S. of cybercrime lower than earlier estimates
The Center for Strategic and International Studies (CSIS) and security firm McAfee published a revision of McAfee’s previous estimate of the cost of cybercrime to the United States, reducing the amount from $1 trillion to $100 billion. Experts say this should not be a reason for complacency.
The Center for Strategic and International Studies (CSIS) and security firm McAfee published a revision of McAfee’s previous estimate of the cost of cybercrime to the United States, reducing the amount from $1 trillion to $100 billion.
The Wall Street Journal reports that the old figure was widely cited in cybersecurity articles, and was mentioned in President Barack Obama’s 2009 cybersecurity speech.
The cost of cybercrime may be lower than earlier originally estimated, but the threat of cyberattacks is still high, and companies which are successfully attacked are still likely to suffer significant economic and reputational losses
“Attacks are definitely increasing. CIOs should be concerned with advanced threats and thefts of intellectual property,” Gartner security analyst Avivah Litan told the Journal.
Corporations and government agencies have become more focused on cybersecurity and protection efforts, and the number of cybersecurity-related jobs is increasing.
“IT security’s rise from being a functional area to a board level concern is maybe the fastest I’ve ever seen,” Thomas Sanzone, senior vice president of consulting firm Booz Allen Hamilton, told theJournal earlier this year.
McAfee is currently funding another study by CSIS aiming to determine the long-term impact of cyberattacks on U.S. competitiveness.
