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The Economic Impact of Cybercrime and Cyber Espionage

New estimates for the costs of cybercrime and cyber espionage are presented in a report released by McAfee and the Center for Strategic and International Studies (CSIS), a non-profit ‘think tank’ headquartered in Washington, D.C.

The report challenges some widely-held assumptions about the total economic costs of malicious activity and begins to frame out the scope and impact to an individual company by introducing analogies as a means of qualitatively understanding the risks.

Companies will find this helpful for their own assessment of risk, as the report discusses six areas of concern:

  • The loss of intellectual property and business confidential information
  • Cybercrime
  • The loss of sensitive business information
  • Opportunity costs, including service and employment disruptions, and reduced trust for online activities
  • The additional cost of securing networks, insurance, and recovery from cyber attacks
  • Reputational damage to the hacked company

Read the full report here:

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