Study Pegs Corporates' Cyber Crime Cost at $500 bn - The New Indian Express

Study Pegs Corporates' Cyber Crime Cost at $500 bn

Published: 20th March 2014 07:44 AM

Last Updated: 20th March 2014 07:44 AM

Owing to rising cyber security threats, enterprises worldover are likely to spend nearly $500 billion this year to deal with problems related to malware and data breaches, according to a joint study by IDC and National University of Singapore.

Of the $500 billion, about $127 billion is to be spent on security and $364 billion to deal with data breaches.

Similarly, global consumers are expected to spend $25 billion and waste 1.2 billion hours because of security threats and costly computer fixes stemming from malware on pirated software.

Titled ‘The Link Between Pirated Software and Cybersecurity Breaches,’ the study found that more than half of the respondents termed their greatest fear from infected software is loss of data, files or personal information followed by unauthorised internet transactions and hijacking of email, social networking and bank accounts.

“Cybercriminals are profiting from any security lapse they can find, with financially devastating results for everyone,” said David Finn, Executive Director and Associate General Counsel, Microsoft Cybercrime Center.

The study was released as part of Microsoft’s ‘Play It Safe’ campaign, a global initiative to create greater awareness of the connection between malware and piracy.

He added that cyber criminals, motivated by money, have found new ways to break into computer networks so they can grab whatever they want identity, passwords and money.

Nearly 20 per cent of the pirated software in enterprises is installed by employees, it added.

About 28 per cent of enterprise respondents reported security breaches causing network, computer or website outages occurring every few months or more with 65 per cent of those outages involved malware on end-user computers.

“Using pirated software is like walking through a field of landmines: You don’t know when you will come upon something nasty, but if you do it can be very destructive,” said John Gantz, Chief Researcher, IDC.

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