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Cyber crime costs global economy $445 billion a year: report

LONDON: Cyber crime costs the global economy about $445 billion every year, with the damage to business from the theft of intellectual property exceeding the $160 billion loss to individuals from hacking, according to research published on Monday. The report from the Center for Strategic and International Studies (CSIS) said cyber crime was a growth industry that damaged trade, competitiveness and innovation. A conservative estimate would be $375 billion in losses, while the maximum could be as much as $575 billion, said…