A recent study by Norton found the global cost of cybercrime to be $114 billion annually.
This compares with United Nation’s estimate of the total cost of the world’s cocaine market to be $85 billion The total cost of the world’s heroin trade is estimated by the U.N. to be $61 billion.
In other words, cybercrime is huge but largely invisible.
According to the study, more than 7.3 million people in Canada fell victim to cybercrime last year. They suffered CAD $840 million in direct financial losses and an additional CAD $4.7 billion in time spent resolving the crime.
Most cybercrime victims experience computer virus or malware attacks, or respond to online scams.
Norton is a line of computer security products from Symantec and so, naturally, they want to use the results of their study to promote the sale of anti-virus and other computer security software.
This is a valid point. Security should begin at home. If you have a computer and connect to the Internet, then you also need to have appropriate security software and to keep it up to date - just as you have a lock on your door.
That’s only part of the story, however. Even the best lock on your door won’t work if the criminals are free to wander around on the street. Sooner or later they will find a way in.
A large part of the problem is that the Internet is global but our laws are national.
Cyber-criminals can base themselves in one country, find their victims in another, and store their cash in a third.
The difficulties and costs associated with tracking them down and bringing them to justice can be high.
We need a stronger and more effective Interpol, the International Criminal Police Organization.
It presently has a staff of about 600 people - about the size of a typical police precinct office in a large city.
Major reforms are needed to give it the tools it requires to do its job. And stronger democratic oversight is needed to make sure it uses those tools in the manner we want.