
According to a recent study by security firm McAfee and the Centre for Strategic and International Studies (CSIC), The Economic Impact of Cyber Crime and Cyber Espionage the USA, the world's largest economy, loses about £65bn from cybercrimes every year including loss of key business data and intellectual property. The report also states that cybercrime costs the global economy $500bn annually and is a main contributor for dragging down economic growth across the world.