Cybercrime costs the world $114 each year, according to a new study from Norton. Based on the value victims surveyed placed on time lost due to their cybercrime experiences, an additional $274 billion was lost.
In Canada, more than 7.3 million people fell victim to cybercrime last year, suffering $840 million in direct financial losses and an additional $4.7 billion in time spent resolving the crime. With 431 million adult victims globally in the past year and at an annual price of $388 billion globally based on financial losses and time lost, cybercrime costs the world significantly more than the global black market in marijuana, cocaine and heroin combined ($288 billion).
According to the Norton Cybercrime Report 2011 more than two thirds of online adults (69 percent) have been a victim of cybercrime in their lifetime. Every second 14 adults become a victim of cybercrime, resulting in more than one million cybercrime victims every day. For the first time, the Norton Cybercrime Report reveals that 10 percent of adults online have experienced cybercrime on their mobile phone.
There are close to 20,000 Canadian adults falling victim to cybercrime everyday – that’s about 14 every minute. Most are experiencing computer virus or malware attacks, or responding to online scams. Largely, Canadians are cognizant of online dangers with 77 percent of respondents noting the possibility of cybercrime is something they are always aware of when online. However, some are not taking the necessary precautions with 35 percent of Canadian adults revealing they don’t have up-to-date security software.
“Canadians are becoming more aware that cybercrime is real and can affect anyone, but some work needs to be done to further educate them on how to protect themselves,” said Lynn Hargrove, Director of Consumer Solutions, Symantec Canada ”This survey is important because it shows the costs of cybercrime and people tend to do something to protect themselves when they see it can have a big impact on their bottom line.”
The study identifies men between 18 and 31 years old who access the Internet from their mobile phone as even more likely victims: in this group four in five (80 percent) have fallen prey to cybercrime in their lifetime.
You might also be interested in: Is cyber liability insurance necessary?