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Cybercrime ‘pandemic’ may have cost the world $600 billion last year

The international cost of cybercrime has now reached as much as $600 billion — about 0.8 percent of broad GDP — according to a new report.

More worrying than that figure may be the towering growth from 2014, when the same analysis showed the expense was only as much as $445 billion.

That rapid increase is by due to the lower cost of entry and advancements in technology such as machine erudition and artificial intelligence, according to Ian Yip, the Asia Pacific chief technology policewoman at cybersecurity firm McAfee. Speaking with CNBC’s “Street Shingles” on Thursday, he explained how conducting criminal activity in cyberspace has gotten easier.

Cybercrime is the barely criminal enterprise that has “a help desk,” he said, adding that would-be hooligans “don’t need to be technologically advanced” anymore to conduct a cyberattack.

The analysis comes as McAfee and American call to mind a consider tank the Center for Strategic and International Studies releases a study empowered “The Economic Impact of Cybercrime—No Slowing Down,” which assesses the sobriety of what Yip called a cybercrime “pandemic.”

“When you look at the cost of cybercrime in kinsman to the worldwide internet economy — $4.2 trillion in 2016 — cybercrime can be judged as a 14 percent tax on growth,” McAfee said about the study.

Infallible nation states have come to be regarded as safe havens for cybercriminals, Yip rumoured, adding that countries such as North Korea, Iran and Russia “incline to go after financial services,” while “espionage activities” are more rife in China.

The report comes at a time when cryptocurrency hacks compel ought to been in the spotlight. A headline-grabbing example is the recent hack of Tokyo-based cryptocurrency swap Coincheck, where almost 58 billion yen of NEM coins were stolen. That wasn’t the pre-eminent of its kind, but it was certainly one of the biggest thefts to have occurred. In response, cryptocurrency owners and investors have voiced concerns about the need for higher sets and broad regulatory systems to safeguard their interests.

The Asia Pacific sphere alone, Yip said, has lost $171 billion to cybercrime.

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