Global cybercrimes cost $114 billion annually: Symantec

Wed Sep 7, 2011 4:11am EDT

A student uses a laptop computer in this file photo. REUTERS/Eric Thayer

A student uses a laptop computer in this file photo.

Credit: Reuters/Eric Thayer

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(Reuters) - A study by Symantec Corp, the maker of Norton computer security software, estimates the cost of global cybercrimes at $114 billion annually.

The Norton Cybercrime Report 2011 said 431 million adults were victims globally in the past year, with costs of cybercrime surpassing the combined global black market in marijuana, cocaine and heroin.

"Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year," said Adam Palmer, Norton Lead Cybersecurity Advisor.

The study also identified men in the 18-31 years age group, who access the Internet from their mobile phone, as likely victims.

(Reporting by Gowri Jayakumar in Bangalore; Editing by Jon Loades-Carter)

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