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Cyber attacks reportedly cost the US as much as $109 billion in 2016

Things aren’t getting better, folks.
Rob LeFebvre, @roblef
February 16, 2018
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supershabashnyi via Getty Images

Cyber attacks are increasingly becoming a fact of life. North Korea attacked aerospace and telecom networks last year. Olympics officials confirmed a recent attack that took place during the opening ceremonies. While Russia denied its involvement in the devastating NotPetya attacks, the US has finally joined other countries in blaming Russia for them. Now, a report from the White House Council of Economic Advisers says that malicious cyber activity like this cost the US economy between $57 and $109 billion in 2016.

The report stated that while the main actors are foreign governments like Russia, China, Iran and North Korea, corporate competitors, activists looking to advance their agendas and organized crime are also responsible for the staggeringly large cost. Effective efforts to combat all the malicious activity, said the report's authors, will likely add to the growth of our country's gross domestic product.

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