Norton Study Estimates Billions Lost to Cyber Crime Worldwide

According to a new study, over the past year, victims of cyber crime have lost over £71 billion worldwide.

The study, conducted by security software provider Norton, claims that more than 50 percent of cyber crime victims reside in the UK.

Worse even, the study highlighted that on average, cyber crime is costing victims around $474 million per year in the UK.

"The reason why Norton conducts global research like the Norton Cyber Crime Report is to raise awareness and spread the word on cyber crime. It's real crime with real victims, and by its very nature cyber crime often exists under the radar," leading cyber security advisor at Norton, Adam Palmer, said in a statement, as reported by IT Pro.

"With these campaigns and free online tools like NortonCyberCrimeIndex.com, we are offering people a visual and tangible impression of the threats online and how these criminal tactics can affect them," he added.

Norton’s survey also showed that nine out 10 people believe that cyber criminals should be dealt with harsher punishments such as heavy fines or time in prison.