Global cybercrime costs $600b annually, study says

The annual cost of cybercrime has hit $600 billion worldwide, fueled by the growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers say.

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 cybercrime in 2017.

Russia, North Korea and Iran are the main sources of hackers targeting financial institutions, while China is the most active in cyber espionage, the report found.

The researchers say ransomware is the fastest-growing component of cybercrime, helped by the easy availability of marketplaces offering hacking services.

The global research report comes days after the White House released a report showing cyberattacks 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.

— AFP