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 and
- Why these losses aren’t simply a modern cost of doing business.
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.