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Cybercrime costs global economy nearly US$600 billion: Report | Canadian Insurance
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Cybercrime costs global economy nearly US$600 billion: Report

Ransomware is the fastest-growing cybercrime tool

Cybercrimes are costing businesses close to US$600 billion worldwide, up from US$445 billion in 2014, according to a new report by cybersecurity firm McAfee and the U.S.-based Center for Strategic and International Studies (CSIS).

“The digital world has transformed almost every aspect of our lives, including risk and crime, so that crime is more efficient, less risky, more profitable and has never been easier to execute,” Steve Grobman, Chief Technology Officer for McAfee, said in a news release.

Related: Beazley reveals top cyber threats of 2017

The report finds 25% of the total loss results from intellectual property theft, while ransomware is the fastest-growing tool that cybercriminals use in their attacks.

“Ransomware-as-a-service cloud providers efficiently scale attacks to target millions of systems, and attacks are automated to require minimal human involvement,” Grobman added.

Banks remain the most highly-targeted institutions, while the report states that the anonymity of cryptocurrencies protects cybercriminals from being easily identified.

The report calls for greater global standardization of threat data, as well as improved coordination of cybersecurity requirements.

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