# How are companies affected?

The Centre for Strategic and International Studies (CSIS) gives a rather concerning insight into the rise and impact of cyber crime on a global level.
© Coventry University. CC BY-NC 4.0

Continuing our look into the impact of cyber crime the report by the Centre for Strategic and International Studies (CSIS) (Lewis 2018) gives a rather concerning insight into the rise and impact of cyber crime on a global level.

In 2014, CSIS estimated that cybercrime costs the world’s economy almost $500 billion, or about 0.7% of global income. That is more than the income of all but a handful of countries, making cybercrime a very lucrative occupation. Our current estimate is that cybercrime may now cost the world almost$600 billion, or 0.8% of global GDP.
(Lewis 2018: 4)
These statistics are quite startling when we consider that cyber crime has only been around since the 1980s.
Or has it been around longer? Consider the definition of digital as a means of moving information … when was the telephone invented? Or when did codebreaking become a governmental imperative? The timeline presented on the Engineering and Technology website: Hacking through the years: a brief history of cyber crime lists the major events in technology.

Look at the timeline of hacking through the years and select one event or introduction of a new technology. What impact has that had on the general direction and development of technology in regards to cyber security or cyber crime?
Let your fellow learners know the event or technology you selected and your response to the question about its impact by leaving a comment below, and please be sure to read and comment on responses made by your fellow learners too.

### References

Centre for Strategic and International Studies and Lewis, J. (2018) Economic Impact of Cybercrime – No Slowing Down [online] available from https://www.mcafee.com/enterprise/en-us/assets/reports/restricted/rp-economic-impact-cybercrime.pdf [28 August 2019]

© Coventry University. CC BY-NC 4.0