Cybercrime costs U.S. economy up to $140 billion annually, report says

Article Link: http://www.latimes.com/business/technology/la-fi-tn-cybercrime-140-billion-dollars-economy-20130722,0,308705.story

According to the study, cyber-crimes costs U.S. economy up to $140 billion annually. Which equal to half a million jobs from the U.S. economy each year. The study was done with the help of cyber security McAfee. There are variety of cyber-crimes such as “intellectual property theft, phishing and text messaging fraud, loss of sensitive business information, service disruptions, security costs and damage to reputation” (Dave).  The CSIS and other cyber securities are still constantly determining the impact on innovation. The number of crimes will increase as time passes by, which means it is crucial to stop all the cyber-crimes. If the cyber-crimes reduce then our economy will grow because it costs a significant amount to only protect what is going on in the internet. Therefore, cyber-crimes must stop because if damages to economy as well as the companies that needs to pay large amount on cyber security.

There are several issues going on in cyber network. It cost significant amount of money in installing a cyber-security. It is unbelievable that about $140 billion of money are used annually to protect any cyber-crimes, which is unstoppable and still happens. This issue has been announced several times but there isn't a complete solution to solve these cyber-crimes except for deleting the negative comments or setting up an extreme difficult password system where the cost is extravagant. Also, there are many cyber programmers that knows how to hack into the system even with the high security. Thus, it is difficult to safeguard the cyber-crimes, however, government should be stricter about the cyber-crimes in order to reduce the costs to prevent these crimes.