Annual Cost of Cybercrime Reportedly Exceeds $318 Billion

Cybercrime is something that is causing problems around the world, but in spite of the fact that this is the case there is a major problem associated with under reporting of these kinds of crimes within various countries that suffer from them on a more or less regular basis. Because of the fact that this is the sort of thing that could potentially end up becoming an even bigger problem if it’s not studied, Comparitech has released an analysis that sheds some lights on the stats and figures surrounding victims of cybercrime.

It is estimated that well over 70 million people fall pretty to cybercrime attacks each and every year. That’s almost 1% of the global population that suffers from these kinds of attacks, and it is also estimated that these victims lose just under $4,500 because of these attacks. The exact numbers are 71.1 million victims each year who lose around $4,478 on average per attack, bringing the total losses from these kinds of cybercrimes up to a massive $318 billion dollars.

One can only imagine the good that this kind of money could do if it is put to use and does not end up in the hands of cybercriminals who just want to earn a quick buck without really doing all that much hard work in the process. The country that was most affected by this from a financial standpoint is the USA, where the total cost of these crimes was around $28 billion. Brazil came in at a close second with over $26 billion having been lost to cybercrime each and every year, something that is draining money out of these economies and putting these funds in the hands of criminals instead.

If you look at things on a per capita basis, it seems like Brazil is actually the worst hit of them all. There are just over 1094 cases per 100,000 people that are reported, but it is estimated that the actual number which would include cases that have not been reported would be closer to around 7229 per 100,000. That would mean that over 7% of the population of Brazil falls victim to a cybercrime on an annual basis, and at that rate the entire population of Brazil would have fallen prey to such crimes in just under a decade and a half.

The US has a serious problem here too, especially as far as under reporting is concerned. While the number of officially reported cybercrimes is at just over 241 per 100,000 people, the actual number is closer to around 1608 per 100,000 people which means that the percentage of crimes that do not get reported seems to be the same across the board.

With all of that having been said and now out of the way, it is important to note that that this is a global problem. It’s the type of problem that borders just won’t be able to solve anytime soon, and it is essential that major world powers and governments start looking into methods that they can use to decrease the prevalence of this issue or at the very least make it so that a higher number of these cases end up getting reported when they do occur.

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