Medindia

X

Cyber Crime Costs Much More Than Marijuana, Cocaine and Heroin Combined

by Tanya Thomas on  September 11, 2011 at 5:33 PM Lifestyle News   - G J E 4
A new study has estimated that cyber crime led to a 388 billion dollar global loss last year, which is bigger than the loss resulting from the combined global market for marijuana, cocaine and heroin.
 Cyber Crime Costs Much More Than Marijuana, Cocaine and Heroin Combined
Cyber Crime Costs Much More Than Marijuana, Cocaine and Heroin Combined
Advertisement

The study conducted by Norton, a security firm, in collaboration with internet safety advocate, Marian Merritt, took into account actual financial losses and other factors such as time, while formulating an exact loss figure.

Advertisement
The study surveyed experiences of 20,000 people in 24 countries, showed 69 per cent of adults around the world experienced cybercrime in their lives, the Sydney Morning Herald reports.

The study also showed that cybercrime caused 4.6 billion dollar loss in Australia alone, which is more than the loss resulting from burglary and assault.

"It's only going to get bigger because we are all doing more and more with our mobile devices," Merritt said.

Cyber crime on mobile devices has led to 'smishing', or SMS-based phishing, which aims to gain access to private information.

Merritt said the problem occurred partly because users treated smartphones carelessly as compared to their personal computers.

"We are all playing little bird-related games on them. We put funny stickers on the back of them. They don't seem like serious devices that need security but boy they really are," she said.

Merritt suggested technology users to take simple precautions to counter growing cybercrime menace like using updated security software and a complex password for a mobile device.

Source: ANI
Advertisement

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
User Avatar
* Your comment can be maximum of 2500 characters
Notify me when reply is posted I agree to the terms and conditions

You May Also Like

Advertisement
View All