Summary of The Economic Impact of Cybercrime and Cyber Espionage

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The Economic Impact of Cybercrime and Cyber Espionage summary
Malicious cyber activity costs the American economy around $100 billion a year and more than 500,000 jobs

Rating

7 Overall

7 Importance

8 Innovation

5 Style

Recommendation

Cybercrime and espionage wreak havoc on the global economy. Figuring out the price of cybercrime is a challenge because researchers are faced with incomplete data, skewed surveys and questionable assumptions. James Lewis and Stewart Baker of the Center for Strategic and International Studies built a new model based on real-world analogies that puts the cost to the US economy at $100 billion a year. Though their workings are somewhat opaque, getAbstract recommends their analysis to business leaders who strive to protect their firms from the perils of cybercrime.

In this summary, you will learn

  • How much the US and world economies lose through cybercrime and espionage
  • Why the cost of cyber attacks is difficult to calculate
  • Why these losses aren’t simply a modern cost of doing business
 

Summary

Attempts to pin down the cost of cybercrime have failed to quantify the loss accurately, and estimates vary widely. Much of the research derives from surveys, which are unreliable. Victims of cybercrime seldom realize the full extent of what criminals have taken, some firms hide their losses, and some...
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About the Authors

James Lewis is a director and senior fellow at the Center for Strategic and International Studies (CSIS). Stewart Baker is a CSIS fellow and a partner at Steptoe & Johnson LLP.


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