A new report from McAfee and the Center for Strategic and International Studies claims that cybercrime now costs the global economy $600 billion, up considerably from $445 billion in 2014.

The “Economic Impact of Cybercrime – No Slowing Down” report, released today, attributed the growth in cybercrime over the last three years to cybercriminals quickly adopting new technologies, the ease of engaging in cybercrime – including an expanding number of cybercrime centers – and the growing financial sophistication of top-tier cybercriminals.

The study does take some liberties in how it comes to the $600 billion headline figure. It estimates that theft of intellectual property accounts for at least 25 percent of cost of cybercrime, including the impact on national security when it involves military technology.

Other sources for the $600 billion estimate are more traditional. The report says banks and financial institutions remain the favorite targets of cybercriminals, with richer countries accounting for the majority of losses, simply for the fact they have more to steal to begin with.

Ransomware is the fastest-growing cybercrime tool being used by attackers, with more than 6,000 online criminal marketplaces identified in the research. In particular, cybercrime-as-a-service offerings are flourishing offering a broad diversity of tools and services, including exploit kits, custom malware and botnet rentals.

“The digital world has transformed almost every aspect of our lives, including risk and crime, so that crime is more efficient, less risky, more profitable and has never been easier to execute,” McAfee Chief Technology Officer Steve Grobman said in a statement. “Consider the use of ransomware, where criminals can outsource much of their work to skilled contractors.”

Grobman added that ransomware-as-a-service cloud providers can efficiently scale attacks to target millions of systems, and attacks are automated to require minimal human involvement. “Add to these factors cryptocurrencies that ease rapid monetization, while minimizing the risk of arrest, and you must sadly conclude that the $600 billion cybercrime figure reflects the extent to which our technological accomplishments have transformed the criminal economy as dramatically as they have every other portion of our economy,” he said.

A full copy of the report can be downloaded from McAfee.

Image: Wikimedia Commons