Norton cyber crime study offers striking revenue loss statistics

Via MyCE

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Symantec, the company behind Norton Anti-Virus, has published a startling report which estimates nearly $388 billion is lost each year to cyber crime – $274 billion in sheer wasted time, and the remaining $114 billion either spent to combat it or deposited into the bank accounts of criminals.

Source: Norton

According to the “Norton Cybercrime Report 2011,” viruses and malware are the “preventable yet more prevalent” methods employed by cyber criminals. Conducted earlier this year by StrategyOne, who polled 19,636 adults, kids and teachers in 24 countries, the study revealed over 54 percent of online adults have indeed encountered either threat despite the fact 59 percent incorporate active, up-to-date anti-virus software. Online scams and phishing rounded out the most common methods.

Resolving a cyber crime is also a huge hassle for those affected. Norton’s research found the entire process takes anywhere from four to 16 days depending on where you live; on average, victims spend 10 days.

“These latest cyber crime statistics reflect crime rates in the physical world, where young adults and men are more often victims of crime,” said Adam Palmer, Norton Lead Cyber Security Analyst. “Countries like South Africa and Brazil, where physical crimes against people are among the highest in the world, are clearly emerging as cyber crime capitals, too.”

China topped Norton’s list of countries most affected by cyber crime, boasting an ignominious 85 percent of adults affected. The U.S. wasn’t too far behind at 73 percent.

The fact the Internet is such a huge part of everyday life in many countries means cyber thieves have ample prey. 24 percent of respondents said that they “can’t live without the Internet,” while 41 percent “need the Internet in their everyday life.” Considering that level of dependency, it’s not too shocking that nearly 70 percent of adults reported being the victim of some form of cyber crime.

Joseph LaBrie, an Associate Professor of Psychology at Loyola Marymount University, addressed the mental state of online users and their resistance to educating or protecting themselves.

“Often, because people feel the Internet is too complicated and the threats are unknown or ambiguous, they default to a learned helplessness where they simply accept cyber crime as part of the cost of going online,” said LaBrie. “Also, they cannot visualize online protection like they can offline security systems like a fence or alarm that act as a physical deterrent.”

Norton asserts that each day cyber crime affects over one million people and that 431 million people have been victims of cyber crime in the last year alone. (via Threat Post)

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The study