The cost of cyber-insecurity: 500 billion dollars

Cybercrime, hit over 1 billion people worldwide
The cost of cyber-insecurity: 500 billion dollars
01 March 06:16 2018 Print This Article

Is cybercrime out of control? In 2017, it hit over one billion people worldwide, with global damage totaling over 500 billion dollars. The costs of ‘IT insecurity’ have made ‘a quantum leap’, quintupling in six years. These are the figures of the Clusit Report 2018, presented today in Milan.

There is a 240% increase in cyber attacks compared to 2011, the year of the first edition of the Report and 7% compared to 2016. The experts are the real “phase change” in the level of global cyber-insecurity, with heavy interference in geopolitics and finance, as well as on private citizens, victims in 2017 of extortion crimes on a very large scale.

According to the report, the main attack vector is simple malware, malicious virus, now industrially produced and at ever decreasing costs.

The Clusit, born in 2000 at the Department of Computer Science of the University of Milan, is the largest and most authoritative Italian association in the field of information security. Today it represents over 500 organizations, belonging to all sectors of the Country System.

On the basis of the global figures, the Clusit experts estimate that Italy in 2016 has suffered damages resulting from cybercrime activities for almost 10 billion euro: a value ten times higher than that of the current investments in information security, which arrive today to touch the billion euro.

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