Cybercrime costs the U.S. economy billions of dollars annually: study

A new report estimates that cybercrime costs the U.S. economy between $24 billion and $120 billion a year, including commercial cyber-espionage by trade rival China, online theft and damage to industrial reputations from hacking.

McAfee Inc., the computer security company that sponsored the report, previously had promoted a much higher figure — $1 trillion — for the annual costs of global cybercrime. That figure was used by President Obama in a 2009 speech that laid out his administration’s priorities on cybersecurity, but the estimate had been slated by economists as being too high.

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