Measuring the Changing Cost of Cybercrime

Measuring the Changing Cost of Cybercrime

Professors Ross Anderson, Michael Levi and colleagues have presented a paper at the 17th Workshop on the Economics of Information Security (WEIS) last week. This report presents a systematic analysis of the cost of cybercrime updated from a previous report published in 2012. 

In the seven years following the 2012 study, the report finds that, among other things, online banking fraud has doubled, new cybercrimes have been enabled through the development of cryptocurrencies, in particular bitcoin, and business email fraud has increased. Conversely, phone fraud and intellectual property infringement have reduced. The conclusions of the report, however, have not changed much since 2012; cybercriminals operate with impunity and governments need to step up their efforts to combat them.  

Read the full report here.

Ross Anderson, Professor of Security Engineering at the Computer Laboratory, University of Cambridge was not able to attend the workshop but provided an insightful live commentary of the conference on his blog.