It is estimated that the cost of cybercrime to the UK economy is around £27 billion per year, around 2% of national GDP. Some experts suggest this is too small, excluding as it does important vectors of cybercrime such as malware.
Computer security firm Norton estimates that more than 12.5m people in the UK fall victim to cybercriminals every year – 34,246 cases each day – with an average loss of £144 each. Again, this is probably an underestimation when one considers that many people will be victims of hacks or malware without ever knowing, and so they go unreported.
A global study conducted by the UN Office of Drugs and Crime reported rates of cybercrime including hacking leading to theft and fraud at rates of up to 17%, significantly higher than rates of their conventional equivalents at less than 5%.
Fighting cybercrime is by no means easy. The wide range of technologies and vectors of attack available to cyber-criminals and the cross-border nature of these crimes make investigating them difficult. The fragile nature of digital evidence complicates matters, tracks and traces that skilled cybercriminals can erase behind them. And the intrusive nature of investigating cybercrimes – which typically requires removing computer equipment for analysis – raises privacy issues that make digital forensics an even more complicated task.
Source: The Conversation