Cybercrime costs $100 billion more than the global black market

Annually, cybercrime costs $100 billion more than the global black market of marijuana, cocaine and heroin combined.

This is just one frightening statistic that has appeared from a recent report conducted by Symantec (who produce the Norton Anti Virus Software). From the people that they surveyed, they found that global cybercrime  costs $114 annually billion. Combine this with the additional $274 bilion cost of financial losses and time lost due to cybercrime activities, this culminates to an unbelievable $388 billion. This is $100 billion more than the global black market of marijuana, cocaine and heroin combined ($288 billion).    

Symantec continue with more frightening statisitcs:

  1. Two in three online adults (69%) have been a victim of cybercrime.
  2. Every second, 14  adults become a victim of cybercrime, which results in 1.2million people being affected every day.
  3. There has been a 42% increase in mobile vulnerabilities in 2010 compared to 2009
  4. Men aged between 18-31 who access their mobile phone are more likely to become victims of cybercrime
  5. There has been a 19% increase in the number of malware cases found
  6. 61% of people don’t use complex passwords or change them regularly

Adam Palmer, Lead Cybersecurity Advisor claims; “Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year. And 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.”

Fascinating facts, but also frightening ones too.

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Thanks to Market Watch.