Cyber Crime is a Threat to Global Economy

According to Intel Security Europe researcher and CTO Raj Samani, halting cybercrime could have a positive impact on global security.

He told a NEDForum summit in London: "Some estimates put the cost of cybercrime to the global economy at more than $445bn, but the true cost is far greater as many countries do not report on this."

Samani suggested however, that a better measure of the impact of cybercrime is in terms of job losses, which is currently estimated at more than 150,000 a year in Europe alone.

He said even a single cyber attack can have a significant economic impact, such as the attack on US retailer Target in 2013 which affected 40 million credit and debit cards.

Up to three million card payment details were believed to have been sold on the black market and used for fraud before issuing banks cancelled the rest.

Cybercrime also seems to be affecting individuals whose bank accounts are raided, as banking institutions begin to take a harder line about what losses they will and will not cover.

Samani said: "Banks are tightening up and reimbursements are no longer guaranteed, but despite this, the impact of cybercrime is still not widely known or fully understood.

"The continual evolution of the cybercrime-as-a-service market means that criminals require little or no skill in cyber to benefit from cyber-enabled crime. They just need the means to pay.

"Criminal services now provide all the research, crime ware and infrastructure necessary to carry out and benefit from cyber-enabled crime."

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