Cyber Crime Costing Global Economy $450 Billion Every Year, Report Estimates

Cyber crime is costing the global economy an average of $445 billion per year, estimates a new study.

The report from the Center for Strategic and International Studies, sponsored by security software firm McAfee, says cyber crime is “a growth industry” that damages trade, competitiveness, and innovation.

The report suggests”Cyber crime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” Jim Lewis of CSIS said in a statement. “For developed countries, cyber crime has serious implications for employment.”

Roughly 15% of North America’s population has had personal information stolen by hackers.