According to a recent industry study, cyber crimes cost the global economy $388 billion annually in both direct financial losses and the value of lost time dealing with the effects of cyber crime. The study found that about 431 million adults are victims of cyber crime each year.
Another recent study found that annual cyber crime costs for larger U.S. companies averaged about $5.9 million each with a 44 percent increase in the number of successful cyber attacks compared to the previous year.
To help organizations better protect themselves from such threats, the Commerce Department’s National Institute of Standards and Technology (NIST) today announced a new partnership to establish the National Cybersecurity Center of Excellence. The Center will operate as a public-private collaboration for accelerating the widespread adoption of integrated cybersecurity tools and technologies. The State of Maryland and Montgomery County, Md., are co-sponsoring the Center with NIST, which will work to strengthen U.S. economic growth by supporting automated and trustworthy e-government and e-commerce.
U.S. Senator for Maryland Barbara Mikulski, Maryland Lt. Governor Anthony Brown and Montgomery County Executive Isiah Leggett were at NIST in Gaithersburg, Md., today to announce the partnership with Under Secretary of Commerce for Standards and Technology and NIST Director Patrick Gallagher.