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

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.

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.

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.

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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.

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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.

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"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.

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Source-ANI