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Cost of cybercrime estimated at $114bn

Rachel Wheeler

September 8, 2011

Archive

Address validation and other security measures remain as important as ever as businesses continue their fight against global cybercrime.

The cost of online fraud and cybercrime is $114 billion annually, according to at study by Norton, rising to $388 billion when taking account of time lost as a result of criminal activity.

Vulnerabilities on mobile devices were more widespread in 2010 than in 2009, increasing by 42 per cent, according to the Cybercrime Report 2011.

Despite more than two-thirds of adults having been a victim of cybercrime during their lifetime, many people continue to underestimate the threat.

Norton lead cybersecurity advisor Adam Palmer explained: "Cybercrime is much more prevalent than people realize.

"While 89 percent of respondents agree that more needs to be done to bring cybercriminals to justice, fighting cybercrime is a shared responsibility. It requires us all to be more alert and to invest in our online smarts and safety."

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