The annual cost of cyber crime to the global economy is about US$445bn, while the damage to business from the theft of intellectual property exceeds the US$160bn loss to individuals from hacking, according to a report from the Center for Strategic and International Studies (CSIS).
A conservative estimate would be US$375bn in losses per year, while the maximum could be up to US$575bn according to the study, sponsored by security software company McAfee.
“Cyber crime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” said Jim Lewis, director of the CSIS technology and public policy programme in a statement. “For developed countries, cyber crime has serious implications for employment.”
The world’s top four economies bore the brunt of the losses, the research found, with total losses incurred by the US, China, Japan and Germany reaching US$200bn a year. Losses connected to personal information, such as stolen credit card data, was estimated at up to US$150bn.
About 40m people in the United States, representing 15% of the population, has had personal information stolen by hackers, it said, while high-profile breaches affected 54m people in Turkey, 16m in Germany and more than 20m in China.
McAfee, owned by Intel Corp, added that improved international collaboration has begun to show results in reducing cyber crime, for example in last week’s cracking of a crime ring that infected hundreds of thousands of computers known by the name of its master software, Gameover Zeus.
Cash-flow based metrics now feature prominently alongside traditional revenue measures of business performance in the key figures or financial summary pages of any public company.
GTNews asks Pugsley about what advice she would give to treasurers dealing with mergers and acquisitions, what the key challenges for her year ahead will be and how she is selecting a treasury management system (TMS).
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.