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Total global cybercrime cost estimated at $114bn

12 September 2011

More than one million people fall victim to international cybercrime on a daily basis, according to a new report.

A study into online security by Symantec has estimated the annual cost of such incidents at $114 billion (£71 billion), with an additional value of $274 billion placed on the amount lost by victims.

The 'Norton Cybercrime Report 2011' showed that 69 per cent of adult web users have come into contact with cyber criminals at some point in their lives and an estimated 431 million have been affected in the past year.

Mobile vulnerabilities appear to be a growing target for attacks, while malware and computer viruses are the most common types of threat, followed by online scams and phishing messages.

"While 89 per cent of respondents agree that more needs to be done to bring cybercriminals to justice, fighting cybercrime is a shared responsibility," said Norton Lead Cybersecurity Advisor, Adam Palmer.

Concerns about internet attacks and data theft have reportedly prompted organizations around the world to crackdown on the use of social media in the workplace, Clearswift recently reported.