The Economic Impact of Cyber Crime: September #SecChat

Malicious cyber activity costs the US economy as much as $100 billion dollars each year—that translates to half a million jobs, three times the number of jobs created by the US economy in August 2013. These are the numbers calculated in a report done by the Center for Strategic Internet Studies and sponsored by McAfee. What’s more, this numeric value hardly reflects the true damage done to brands, organizations, and entire markets—an irreversible rippling effect through the lives and reputations of those touched. Cyber espionage and cyber crime have been shown to slow the pace of innovation, distort trade, and generate social costs that include job loss and waning trust in the international system. It has become increasingly clear that the peripheral effects of such crimes are far more damaging than any dollar amount could represent.

And with National Cyber Security Awareness month just around the corner, the topic of constructing safe and secure cyber experiences has never been more relevant across the board—in both public and private forums. We’d like to invite you to join McAfee experts and fellow security industry professionals in a discussion of the Economic Impact of Cybercrime and Cyber Espionage. McAfee’s report of the same name generated widespread interest across news media. So we’re taking the conversation to Twitter as part of our ongoing McAfee #SecChat series where we’ll discuss ways to improve the measurement and transparency of cyber attacks on a global scale.

In this month’s #SecChat, we’ll examine the different areas of malicious cyber activity that contribute to the overall costs associated with cyber crime and cyber espionage, including:

  • The loss of intellectual property and business confidential information
  • Cybercrime, which costs the world hundreds of millions every year
  • The loss of sensitive business information, including possible stock market manipulation
  • Opportunity costs, including service and employment disruptions, and reduced trust for online activities
  • The additional cost of securing networks, insurance, and recovery from cyber attacks
  • Reputational damage to the hacked company

Whether or not your organization has been personally affected, we want to hear your insights. How can we put a price on stolen intellectual property? How do we better quantify the cost of cyber espionage to national security? And, more importantly, how do we create a standard form of measurement to tabulate such effects?

Most states already have some form of privacy breach regulations. The healthcare industry has made it mandatory to report breaches affecting greater than 500 persons. Should this be made true for all professional sectors? Data surrounding cyber crime and cyber espionage remains extremely difficult to collect. Our hour long #SecChat provides an ideal platform for brainstorming possible solutions and for idea sharing.

Please join us on Thursday September 26th at 11am PT to discuss the Economic Impact of Cybercrime. Special guests for this #SecChat include:

  • Ken Kartsen (@Ken_Kartsen) – Vice President of Federal Sales at McAfee
  • Kim Singletary (@ksingletary) – Director of Technical Solution Marketing at McAfee

All are welcome from the Twitter community to join us. When it comes time to tune in, follow the steps below to participate:

  • Search for the #SecChat hashtag (using Twitter, or a Twitter client like and watch the real-time stream.
  • Follow @McAfeeBusiness. We’ll get the conversation started by posing a few questions to participants.
  • Tweet your reactions, questions, and replies to the chat, making sure to tag all your tweets with the #SecChat hashtag along the way!
  • Direct questions around #SecChat to @McAfeeBusiness on Twitter.

Finally, to mark your calendars, RSVP to our twtvite and make sure to download the full McAfee report here.

We look forward to seeing you in the #SecChat stream!

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