A new report has estimated the cost of global cyber crime to be $445 bn.
The report estimates that the cyber economy assimilates about $2 tn to $ 3 tn annually. Of this, 15-20% is destroyed by cyber crime. The report - Net Losses: Estimating the Global Cost of Cybercrime - emphasizes the finding that if cyber crime were treated like a business, the annual revenue generated by it would be ranked 27th in the world - higher than that of nations like Singapore, Austria and Denmark!
While, economic heavyweights like US, Japan, China and Germany faced the worst losses - $200 bn - India also earned the dubious distinction of being called the global 'ransomware' capital of the world.
Ransomware is a type of malware which restricts access to the computer system that it infects, and demands a ransom paid to the creator(s) of the malware in order for the restriction to be removed.