Re:EU to vote regulation that has a considerable potential t...
by smarx007 on Saturday July 15, 2023 @04:04PM
(#36740468)
The figure is an estimate of the global cost, not just EU. And I recall seeing a figure of 300B USD per year just on system integration projects (i.e., just plumbing). Compared to that, the figure looks believable.
Re:EU to vote regulation that has a considerable potential t...
by marcinzm on Saturday July 15, 2023 @04:06PM
(#36740485)
That's more than the worldwide spending on IT per year.
Re:EU to vote regulation that has a considerable potential t...
by smarx007 on Saturday July 15, 2023 @04:11PM
(#36740514)
Haha! I dug a bit deeper and the figure seems to be a 2019 projection: https://ai-watch.ec.europa.eu/publications/cybersecurity-our...
UPD: here is the original source for the figure https://cybersecurityventures.com/cybercrime-damages-6-trill... That report includes the cybersec costs as well as says that it was a 120B market in 2017 and made a projection that it would be worth 1T+ by 2021. Would be interested to see how those projections fared if anyone has better stats.
Re:EU to vote regulation that has a considerable potential t...
by marcinzm on Saturday July 15, 2023 @04:19PM
(#36740578)
So it seems to be a projection based on a presentation by the CEO of Microsoft that said the loss of potential revenue and growth is $3T in 2016 (note this is itself not actual measured impact but also a counter-factual projection).
In other words it's the most aggressive projection (ie: most sources note it as such) based on the most liberal definition possible of impact from a throwaway slide by a CEO. Then it's listed as the actual number and not a historical projection from half a decade ago.
https://www.smartcompany.com.au/technology/complacency-over-...
So the EU loses over 30% of it's total GDP to security vulnerabilities? I somehow find that figure very suspect and using clearly exaggerated numbers as justification makes me distrust the whole premise of this legislation.