Cybercrime More Costly Than Physical Crime, Reports Says

Almost 60 percent of U.S. businesses believe that cybercrime is more costly to them than physical crime, according to a recent IBM survey of 600 IT executives. These executives report that the costs resulting from cybercrime primarily are from lost revenue, loss of current and prospective customers and loss of employee productivity. Other data revealed by the survey include:

* 84 percent of IT executives believe organized criminal groups possessing technical sophistication are replacing lone hackers in the world of cybercrime.
* 74 percent believe that there are threats to corporate security coming from inside their companies.
* 61 percent believe it’s the responsibility of Federal and local law enforcement agencies to combat organized cybercrime.

Source: IBM Cybercrime Survey, http://www-03.ibm.com/press/us/en/pressrelease/19367.wss