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The Cost of Cybercrime

It is estimated that more than 30% of European citizens are banking or shopping online. As a result the number of victims of cybercrime is dramatically increasing. According to the McAfee and CSIS report the total cost of cybercrime to the world economy was US$ 445 billion in 2013. Around 93% of large UK companies and 87% of small and medium British businesses reported a cyber-breach. The report also stressed that 16 million people in Germany had their personal information stolen by hackers. Of course, these figures do not take into account many private companies victims of hackers but which often prefer to remain silent because they don't want to frighten away their clients. Cybercrime is targeting businesses, citizens but also public administrations and governments. It damages trade, financial systems and the economy as a whole. CSIS report estimates cybercrime extracts between 15 and 20% of the value created by the Internet, which is considerable. Crime groups focus on credit cards and bank credentials, but not only. They try to blackmail mainly companies, including banks, threatening to disclose or publish customer's digital identities and any other relevant data which were illegally collected. Today, this crime is becoming increasingly common. Add to that cyber-attacks affecting critical infrastructure and information systems such as airports or national security departments and you will be convinced of the necessity for governments to take effective action against these criminal networks.Yet, the cybercrime will naturally continue to grow as more businesses, consumers and administrations connect to the Internet worldwide. To be effective the fight against this type of crime will necessary have to be coordinated at the international level.

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