Cybercrime costs consumers $110 billion every year, according to Norton report

Cybercrime is costing consumers around the world $110 billion every year, according to the latest annual Norton Cybercrime Report released earlier this week (September 5).

More than 13,000 adults were surveyed across 24 countries to compile the report, which identified Russia as the nation with the greatest percentage of cybercrime victims, followed closely by China and South Africa.

However the pressing need for an improvement in cyber security in Australia was also highlighted, with Norton estimating that around $2 billion is lost every year in this country due to cybercrime.

That number is in comparison to $21 billion in the USA and an astonishing $46 billion per annum in China.

The statistic showcases the importance of Payment Card Industry Data Security Standard (PCI DSS) compliance amongst retailers who store user information online, by revealing just how lucrative digital theft can be for cybercriminals.

Norton approximates that around 556 million consumers become victims of cybercrime every year, equalling more than 1.5 million victims per day.

Unfortunately, a general lack of understanding of the importance of cyber security seems to be driving those numbers.

Nearly a third, 30 per cent, of those surveyed admitted that they do not think about cybercrime when online because they do not expect that it will happen to them.

Furthermore, 21 per cent admitted that they do not take steps to secure their personal info when accessing the internet.

However that should not take away from the fact that retailers – whether they are operating online or in standard brick and mortar stores – have an obligation to protect their customers personal information through PCI DSS and other vulnerability management initiatives.

The Norton report also highlighted the importance of adapting to ever evolving cybercrime techniques and being aware of the changing nature of malicious programs such as malware and viruses.

said Norton Internet safety advocate Marian Merritt in a statement.

According to the report, 55 per cent of consumers aren’t currently sure whether or not their computer is completely clean and free of viruses at this time.

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