Counting the cost of cybercrime

Cybercrime is costing New Zealanders $256 million in cash costs and $300 million in lost time, according to Norton’s Cybercrime 2011 report.

The report, based on information from almost 20,000 online interviews, places the total cost of cybercrime on the 24 countries included in the report at $466 billion, comprising $137 billion in cash costs and $329 billion in lost time.

72% of New Zealanders reported having been victims of cybercrime. The proportion was the same in Australia, and slightly higher in America. The highest was China with 85%, while the lowest was Japan with 38%.

The report was timed to coincide with the release of Norton AntiVirus 2012 and the more comprehensive Norton Internet Security 2012.

Janice Chaffin, group president, consumer business unit for Norton developers Symantec, says Norton will look to build on these products in the next few months with new tools offering targeted protection for mobile devices.

"For the past few years we have witnessed an explosion of devices, platforms and applications for consumers to enjoy,” Chaffin says.

"However, with these exciting changes come new digital dangers and an even greater need for consumers to be protected from cybercrime.”

Go here to read the full report.