Cyber Crime Costs $114B Per Year, Mobile Attacks on the Rise

With reports of Anonymous and LulzSec data dumps and digital certificate hacks in the headlines, it should be no surprise that cyber crime is a real threat. But how much do these Web attacks actually cost? According to a new study from Symantec, it’s $114 billion each year.

If you count time lost by companies trying to recover from cyber attacks, meanwhile, you can add another $274 billion to that number, according to the company’s Norton Cybercrime Report 2011.

“With 431 million adult victims globally in the past year and at an annual price of $388 billion globally based on financial losses and time lost, cybercrime costs the world significantly more than the global black market in marijuana, cocaine and heroin combined ($288 billion),” Symantec concluded.

To reach its conclusions, Symantec hired StrategyOne to conduct interviews in February and March with approximately 20,000 people from 24 countries.

Of those surveyed, 69 percent reported being the victim of a cyber crime in their lifetime. Based on its data, Symantec calculated that 14 adults become the victim of a cyber crime every second, or more than one million attacks every day.

For the first time, meanwhile, 10 percent of people were hit by a cyber attack via their mobile phone. That follows data from a separate 2010 Symantec report, which found that mobile threats were up 42 percent compared to 2009.

If you’re male, millennial, and mobile, watch out, the report said. Men between the ages of 18 and 31 who access the Web from their phones are most likely to be hit; 80 percent in the group report being the victim of a mobile cyber crime.

Full Story Via PCMag.com