Cybercrime costs US$43B a year

Cybercrime costs US$43B a year

Summary: British businesses, citizens and public bodies rack up an estimated US$43.5 billion of losses each year due to cyberattacks and crime, with US$14.8 billion lost in IP theft, government report notes.

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Cybercrime is costing the United Kingdom 27 billion pounds (US$43.5 billion) a year, according to the government, which has pledged to work with businesses to combat the problem.

The total figure covers 21 billion pounds (US$33.8 billion) from losses suffered by businesses, 3.1 billion pounds (US$5 billion) by citizens and 2.2 billion pounds (US$3.5 billion) by government, the Office of Cyber Security and Information Assurance (Ocsia) said in a report summary published on Thursday. It did not account for the other 700 million pounds (US$1.1 billion).

The report, produced by Ocsia and BAE Systems security subsidiary Detica, marks the first time the government has made a public estimate of cybercrime costs. At a press launch event, security minister Baroness Pauline Neville-Jones emphasized that while the figures are an estimate, they still give an indication of the scale of economic loss suffered by the U.K.

Read more of "Cybercrime costs the UK £27bn a year" at ZDNet UK.

Topics: Security, CXO, IT Employment

Tom Espiner

About Tom Espiner

Tom is a technology reporter for ZDNet.com. He covers the security beat, writing about everything from hacking and cybercrime to threats and mitigation. He also focuses on open source and emerging technologies, all the while trying to cut through greenwash.

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