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Cybercrime cuts deep in global economy: study

Published on Jun 9, 2014 11:46 PM

WASHINGTON (AFP) - Cybercrime has grown into a global industry worth around half a trillion dollars, with no sign of slowing, a research report said Monday.

The report by the Center for Strategic and International Studies with security firm McAfee estimated the global economic cost of cyberattacks at US$445 billion (S$ 556 billion), account ting for the loss of 350,000 jobs in the United States and Europe.

"Cybercrime is a growth industry. The returns are great, and the risks are low," the report said.

The study gave a range of Us$375 billion to US$575 billion in losses, but the authors said even these figures were conservative in the face of limited data from many parts of the world.

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