Cybercrime costing global economy up to $400 billion a year, says new estimate

Cybercrime and espionage could be costing the global economy between $70 billion (£46 billion) and $400 billion a year from a total economy of 70 trillion,  a new estimate by the Center for Stategic and International Studies (CSIS) has calculated.

In the context of the US economy, this might be equivalent to 500,000 jobs displaced but in truth the McAfee-sponsored study The Economic Impact of Cybercrime and Cyber Espionage admits that even coming up with these numbers is prone ot be defeated by a raft of imponderables.