Cybercrime is criminal activities carried out online through the internet. Some examples of cybercrime include computer viruses, hacking, cyberstalking, identity theft, piracy and fraud. Cybercrime is extremely common today with more and more criminals exploiting the speed, convenience and anonymity of the Internet.
Reported in 2015 it is estimated that the global cost of cybercrime each year is $465 billion (US). The 10 top economies that are effected by cybercrime include (Business Insider, 2015):
- U.S. -$108 billion
- China -$60 billion
- Germany – $59 billion
- Brazil- $7.7 billion
- U.K.- $4.3 billion
- India – $4 billion
- France- $3 billion
- Russia – $2 billion
- Japan -$980 million
- Italy – $900 million
(Australia doesn’t make the list at $1 billion)
Another article I found interesting when researching the topic also estimates the global cost of cybercrime in the year 2019, totaling an unfortunate $2 trillion. This will essentially affect business owners, companies, tax payers and governments.
In 2013 The Wall Street Journal estimated that the cost would be $100 billion (U.S.) and in 2015 an insurance company, Lloyd’s, estimated it would be $400 billion (U.S.)-(Forbes, 2016). This major increase between years proves just how far the rapid digitization of consumers’ lives has progressed and will continue to progressed in future.