What is the Financial Cost of Cyber Crime?

Cyber crime

Black market in the cyberverse makes more money than illegal drug trade. Now there’s a fact that puts things in perspective, isn’t it? I don’t think a lot of small businesses realize that when it comes to online fraud, they’ve got just as much of a target on their backs as corporations.

With this blog, we’ve tried to educate parents on how they can avoid online scams and explained to employers how they can make sure they don’t fall prey to espionage. This has all been to help you manage risk and minimize losses. But putting it in numbers gives a much clearer picture, so here goes: the financial cost of cybercrime on the economy is nearly $445 billion per year. That’s how much you’re losing to online phishing, malware, identity and other cyber-attacks.

Need more facts? HP conducted a study to estimate financial cost of put all data found into this infographic…

What interested me in HP’s study was the fact that a significant amount of the loss statistic comes from malevolent insiders. A company’s own employee might be laundering all this data to

  • Secure a spot in a rival company
  • Start their own business
  • Spite the management because of differences

Which just goes to show how important employee monitoring is even today. In a previous blog, we discussed how employers feel that monitoring and autonomy juxtapose each other. And yet, these studies continue to prove that when any and all business operations have gone digital, employee monitoring is more important than ever.

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