Assessing the socio-economic impacts of cybercrime

Abstract

There are wildly different estimates of the cost of cybercrime. Often, it is not clear how the estimates were made, nor what criteria were used. The costs of cybercrime go beyond the only financial. Cybercrime has social impacts too that are rather more difficult to measure or quantify, but nevertheless are real. Individual cybercrime victims often suffer stress, anxiety, fear of being victimised again. Communities suffer from a lack of trust and social polarisation. The authors directed a study of the socio-economic impacts of cybercrime and put forward a methodology for assessing the socio-economic impacts of cybercrime. Having a more accurate assessment of cybercrime will help policymakers and law enforcement authorities assign an appropriate priority to combatting cybercrime.