The cost of cyber crime and cyber espionage could amount to as much as $100bn every year with some 500,000 lost jobs in the US alone, according to a new report by security software vendor McAfee and the US Center for Strategic and International Studies. (CSIS)

The report, titled 'THE ECONOMIC IMPACT OF CYBERCRIME AND CYBER ESPIONAGE' was compiled with the aid of economists, intellectual property experts and security researchers.

"Losses to the US (the country where data is most accessible) may reach $100bn annually. The cost of cyber crime and cyber espionage to the global economy is some multiple of this likely measured in hundreds of billions of dollars," reads the report, which classified malicious cyber activity into a number of different areas.