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Cybercrime Costs May Reach $500 Billion, Study Estimates

WASHINGTON – Cybercrime costs the global economy between $100 billion and $500 billion annually, according to a study released Monday that acknowledged more data are needed for precise estimates.

The study by the security firm McAfee and the Center for Strategic and International Studies said the U.S. economy loses some $100 billion to cybercrime and cyber espionage, including loss of key business data and intellectual property.

The estimate is lower than some earlier reports that put the costs as high as $1 trillion, but study authors said it was a matter of narrowing the range of damage from cyber attacks.

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