"Cybercrime Costs Victims $318 bn Annually"

A new study conducted by researchers at Comparitech found that cybercrime costs victims $318bn per annum globally.  The researchers made their calculation based on an analysis of cybercrime reports in 67 countries globally for which this information was available in either 2018-19 or 2019-20. The researchers estimated that 71.1 million people fall victim to cybercrime each year, equating to nearly 900 victims per 100,000 people. The average victim lost $4476 per crime, according to the researchers.  The countries that experienced the highest losses due to cybercrime were the US ($28bn), Brazil ($26bn), the UK ($17.4bn), and Russia ($15.2bn).  The country with the most significant increase in cybercrime was Sri Lanka, where there was a 359% year-on-year rise from 2019 to 2020 (3566 to 16,376 reports).  Significant rises in reported cybercrime were also observed in Belarus (176%), Indonesia (140%), Puerto Rico (125%), and Panama (100%).  According to researchers, the country with the highest proportion of cybercrime victims was the UK, with 1095 per 100,000 people submitting reports. This was followed by Denmark (514 per 100,000 people), Spain (463 per 100,000 people), Brazil (415 per 100,000 people) and Austria (404 per 100,000 people).

Infosecurity reports: "Cybercrime Costs Victims $318 bn Annually"