Report: Cybercrime costs U.S. $100B a year

data security

June 11, 2014 – Cybercrime is costing the global economy $575 billion and the U.S. economy $100 billion annually, according to a report from Intel Security and the Center for Strategic and International Studies – making the U.S. the hardest hit of any country.

According to POLITICO, the report shows the cost to the U.S. results in 200,000 lost jobs and amounts to half the total loss for all G-8 member countries. The report also said if cybercrime were a country, its revenue would rank it 27th in the world’s largest economies.

The report estimated that 40 million people in the U.S. and 800 million worldwide have had information stolen.

In the wake of the massive data security breaches at Target and other retailers, NAFCU was the first financial trade organization to call for a national data security standard for retailers, and it continues to push for legislative action on Capitol Hill.

 

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