Even in Russia, the damage from cybercrime far outweighs the act.

(June 3) – TASS, Russian News Agency reports – Russian Prime Minister Dmitry Medvedev estimates ‘Cybercrime global losses in banking sector (are) estimated at $500 billion rubles ($7.6 billion US).’ But TASS goes on to report that the “… ‘damage’ from (transnational) cybercrimes is closer to $3 trillion rubles or six times as high, this according to the Russian Foreign Ministry.

TASS goes on to say that: “… 92% of companies in 2015 faced real cyber attacks, but only 50% were able to assess the damage to the business.” The implication is clear. Business owners seriously underestimate loss associated with cybercrime.

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