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Cyber-crime costing global economy $445 billion: Report

June 10, 2014 - 6:00am

Cyber-crimes are costing the global economy an estimated $445 billion a year, a study has revealed.

The report by internet security company McAfee said cyber crime damages trade, competitiveness and innovation, The Telegraph reported.

Financial losses from cyber crime could cause around 150,000 Europeans to lose their jobs, said the study.

The overall cost of cyber crime to the United Kingdom was $11.4 billion in 2013. Retailers lost over $850 million because of penalty free financial crime.

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