Does Cybercrime Really Cost $1 Trillion?
Posted in: Legal, Privacy & Security at 02/08/2012 14:43
Gen. Keith Alexander is the director of the National Security Agency and oversees U.S. Cyber Command, which means he leads the government's effort to protect America from cyberattacks. Due to the secretive nature of his job, he maintains a relatively low profile, so when he does speak, people listen closely. On July 9, Alexander addressed a crowded room at the American Enterprise Institute in Washington, D.C., and though he started with a few jokes -- his mother said he had a face for radio, behind every general is a stunned father-in-law -- he soon got down to business.
Alexander warned that cyberattacks are causing "the greatest transfer of wealth in history," and he cited statistics from, among other sources, Symantec Corp. and McAfee Inc., which both sell software to protect computers from hackers. Crediting Symantec, he said the theft of intellectual property costs American companies $250 billion a year. He also mentioned a McAfee estimate that the global cost of cybercrime is $1 trillion. "That's our future disappearing in front of us," he said, urging Congress to enact legislation to improve America's cyberdefenses.
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