Report: Cybercrime Costs $67.2 Billion A Year

Cybercrime has significant economic impacts and threatens U.S. national security interests. Various studies and experts estimate the direct economic impact from cybercrime to be in the billions of dollars annually. The annual loss due to computer crime was estimated to be $67.2 billion for U.S. organizations, according to a 2005 FBI survey, cited by a recent federal report.

In addition, there is continued concern about the threat that U.S. adversaries, including nation-states and terrorists, pose to our national security, says the report, prepared by the Government Accountability Office (GAO). GAO is the nonpartisan investigative arm of Congress.

"For example, intelligence officials have stated that nation-states and terrorists could conduct a coordinated cyber attack to seriously disrupt electric power distribution, air traffic control, and financial sectors. Also, according to FBI testimony, terrorist organizations have used cybercrime to raise money to fund their activities," the GAO says.

Despite the estimated loss of money and information and known threats from adversaries, the precise impact of cybercrime is unknown because it is not always detected and reported, GAO finds.

Bookmark http://universeeverything.blogspot.com/ and drop back in sometime.