On Wednesday, the Republican presidential candidates will take the stage in Boulder, Colo., for CNBC’s “Your Money, Your Vote” debate on the economy. CNBC will “focus on the key issues that matter to all voters — jobs, taxes, the deficit and the health of our national economy.” This debate has the potential to give cybersecurity a chance to shine.
While cybersecurity may not readily come to mind as an economic issue, it should. Cyberattacks impose a variety of direct and indirect costs — from the loss of financial assets, trade secrets and intellectual property to wrecked credit scores after identity theft and damage to a company’s reputation. Putting a dollar amount on cyberattacks’ costs is a difficult proposition because they often go undetected or unreported. Even when an attack is identified, quantifying its costs proves challenging, especially when hackers have stolen intangibles such as intellectual property and trade secrets. Symantec’s 2013 Norton Report on cyber crime estimated the total cost of cyber crime to consumers is $113 billion annually. In 2014, a study conducted by McAfee and the Center for Strategic and International Studies estimated cyber crime costs the global economy — including consumers and the private sector — a staggering $445 billion every year. As the report explained, these costs impact the GDP and ultimately lead to lost jobs. For the full article click here
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