Cybercrime costs global economy €327bn per year

Cybercrime annually costs the global economy about $445bn (€327bn), with the damage to business from intellectual property theft exceeding the some $160bn loss to individuals from hacking, according to research.

The report from the Centre for Strategic and International Studies (CSIS) said cybercrime was a growth industry that damaged trade, competitiveness, and innovation.

A conservative estimate would be $375bn in losses, while the maximum could be up to $575bn, said the study, sponsored by software company McAfee.