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Evidence Suggests The U.S. Loses Hundreds of Billions to Cybercrime


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There is some debate as to the extent to which cyber crime is impacting economic activity.

A recent report by the U.S. National Institute of Standards and Technology estimated 2016 losses to cyber crime to be between $167.9 billion and $770.0 billion, or between 0.9% and 4.1% of U.S. GDP.

Credit: NIST

A recent report from the U.S. National Institute of Standards and Technology (NIST) estimates that in 2016, cybercrime resulted in losses of between $167.9 billion and $770.0 billion, or between 0.9% and 4.1% of U.S. gross domestic product (GDP).

The low estimate of $167.9 billion is based on the assumption that those who did not respond to a Bureau of Labor Statistics survey did not experience any losses.

The NIST estimate is 40% higher than a widely-cited McAfee estimate of cybercrime losses in the U.S. of $119.8 billion, or 0.64% of GDP.

From NIST
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Abstracts Copyright © 2020 SmithBucklin, Washington, DC, USA


 

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