Cyber crime costs more than $400b annually.

• Position: CYBERSECURITY

Anew McAfee-sponsored report from the Center for Strategic and International Studies (CSIS) revealed that cyber crime is having a significant impact on economies around the world. More specifically, it has cost businesses worldwide between $375 billion and $575 billion, more than the national income of most countries. Governments and companies underestimate how much risk cyber crime poses and how quickly that risk can grow, asserted CSIS.

The full impact of cyber crime, of course, goes beyond the dollar figure. It is also being felt in the job market. CSIS estimated that the losses from cyber crime could cost as many as 200,000 jobs in the United States and 150,000 jobs in the European Union.

The most important cost, however, is the damage to company performance and national economies, the report asserted. It damages trade, competitiveness, innovation, and global economic growth. Specifically:

* The cost of cyber crime will continue to increase as more business functions move online and as more companies and consumers around the world connect to the Internet.

* Losses from the theft of intellectual property will also increase as acquiring...