Young males in emerging markets are the most likely to fall victim to cybercrime, whose total cost per year is approaching the scale of illegal drug trafficking worldwide, according to a study by the Norton division of Symantec.The 2011 Norton Cybercrime Report estimates the total cost of cybercrime at $388 billion per year, which includes $114 billion in direct theft and time spent resolving attacks plus another $274 billion for productive time victims lost due to cybercrimes being committed against them.THE LAW: Senators push for changes in cybercrime lawIn all, 589 million have been affected by cybercrime, 431 million of them in the past 12 months, the report says. The study the report is based on was carried out in 24 countries and included 19,636 interviews. The report says that compares to global drug trafficking, estimated at $411 billion. Cybercrime already surpasses the total of black market marijuana and cocaine sales, Norton says, which totals $288 billion.The most common form crime takes is viruses and malware, with 54% experiencing them, followed by online scams (11%) and phishing (10%). Norton measured mobile phone crime and found that 10% fell victim, including smishing – phishing by SMS. Tracking in all 24 countries, the company found that 1 million people per day became victims of cybercrime. The more time individuals spend online, the more likely they were to be hit. Of those spending 49 hours online per week, 79% were victims, while the number was 64% for those who spent 24 hours or less online.Millennials (75%) are more likely than Baby Boomers (61%) to be victims, and adults in emerging markets (80%) are hit at a higher rate than those in mature markets (64%), the study says.Those numbers are three times higher than the number of victims of physical crimes. Nevertheless, Norton notes that 70% of those surveyed thought they would be safer online than in the real world over the next 12 months.Some of the problem is preventable, Norton says, noting that 41% of adults don’t have updated security suites on their computers.Read more about wide area network in Network World’s Wide Area Network section. Related content news UK government plans 2,500 new tech recruits by 2025 with focus on cybersecurity New apprenticeships and talent programmes will support recruitment for in-demand roles such as cybersecurity technologists and software developers By Michael Hill Sep 29, 2023 4 mins Education Industry Education Industry Education Industry news UK data regulator orders end to spreadsheet FOI requests after serious data breaches The Information Commissioner’s Office says alternative approaches should be used to publish freedom of information data to mitigate risks to personal information By Michael Hill Sep 29, 2023 3 mins Government Cybercrime Data and Information Security feature Cybersecurity startups to watch for in 2023 These startups are jumping in where most established security vendors have yet to go. By CSO Staff Sep 29, 2023 19 mins CSO and CISO Security news analysis Companies are already feeling the pressure from upcoming US SEC cyber rules New Securities and Exchange Commission cyber incident reporting rules don't kick in until December, but experts say they highlight the need for greater collaboration between CISOs and the C-suite By Cynthia Brumfield Sep 28, 2023 6 mins Regulation Data Breach Financial Services Industry Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe