Cybercrime Costs Consumers $110 Billion a Year

Share it on Twitter  
Share it on Facebook  
Share it on Google+
Share it on Linked in  

According to Symantec's 2012 Norton Cybercrime Report [PDF file], the direct costs associated with consumer cybercrime worldwide hit $110 billion over the past 12 months.

"On average, each victim experienced $197 in direct financial loss," writes CNET News' Charlie Osborne. "In the United States, the average loss was $290. According to the report, an estimated 556 million adults across the world had first-hand experience of cybercrime over the period -- more than the entire population of the European Union. The figure equates to nearly half of all adults online (46 percent), and is up from 45 percent a year ago."

"There appears to be a clear trend of cybercriminals targeting social networks and mobile devices, with around 20 percent of users having suffered losses as a result of such attacks," The H Security reports. "The study also claims that 15 percent of social media accounts have been compromised and that 10 percent of users have fallen for fake links and scams on social networks. A total of 75 percent of those surveyed believe that cybercriminals are increasingly targeting social networking services."

"Yet, only 44 percent of those surveyed said they use any kind of security measures to protect themselves against rising social networking threats," writes redOrbit's Michael Harper. "Only 49 percent said they use the privacy settings provided on social networking sites or control which information they share with whom."

"Cybercriminals are changing their tactics to target fast growing mobile platforms and social networks where consumers are less aware of security risks," Norton Internet Safety Advocate Marian Merritt said in a statement. "This mirrors what we saw in this year’s Symantec Internet Security Threat Report which reported nearly twice the mobile vulnerabilities in 2011 from the year before."

Submit a Comment

Loading Comments...