Featured Articles

TSMC: Volume production of 16nm FinFET in 2H 2015

TSMC: Volume production of 16nm FinFET in 2H 2015

TSMC has announced that it will begin volume production of 16nm FinFET products in the second half of 2015, in late…

More...
AMD misses earnings targets, announces layoffs

AMD misses earnings targets, announces layoffs

AMD has missed earnings targets and is planning a substantial job cuts. The company reported quarterly earnings yesterday and the street is…

More...
Did Google botch the Nexus 6 and Nexus 9?

Did Google botch the Nexus 6 and Nexus 9?

As expected, Google has finally released the eagerly awaited Nexus 6 phablet and its first 64-bit device, the Nexus 9 tablet.

More...
Gainward GTX 970 Phantom previewed

Gainward GTX 970 Phantom previewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
EVGA GTX 970 SC ACX 2.0 reviewed

EVGA GTX 970 SC ACX 2.0 reviewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Tuesday, 20 August 2013 07:34

McAfee says sorry for making up cybercrime figures

Written by Nick Farrell

A trillion dollars was over egging the pudding

A senior executive at Intel’s security subsidiary McAfee has admitted that his outfit might have made up a crucial figure when it came to cyber-crime. Global chief technology officer Mike Fey told The Australian Financial Review that he regretted McAfee once claimed that global losses from cybercrime at more than $US1 trillion. He said that even the more conservative estimates are a little hard to swallow.

Fey said he wished he had never put a dollar figure on it as it is “very scary” to just latch onto the number. The report from McAfee in 2009 estimated the cost of cybercrime at $US1 trillion, a figure which has been used by politicians and bureaucrats including US President Barack Obama and National Security Agency director Keith Alexander to justify law changes or significant increases in cyber-security spending.

A more recent report commissioned by the security company, and released last month, reduced those estimates to as low as $US300 billion globally, but specifically noted the difficulty of determining exactly how much companies, governments and individuals could lose if subject to an attack.

“When you meet an engineer that has spent a good chunk of his life working on some innovation and it’s stolen overnight, you get a good feeling for what IP loss means," Fey said. “It is the shift in a moment’s instance from an innovative company set strategically, to loss. It becomes difficult for that company to invest in innovation.”

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments