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Security breaches: Econ downer?

EconoMeter panel weighs impact of bank, retail cyberattacks

Roger Showley, U-T SAN DIEGO

Friday, October 10, 2014

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Kelly Cunningham, National University System
Answer: YES

Internet-enabled systems are embedded more and more in our everyday lives. Commercial internet usage accounts for more than $1.5 trillion in global economic activity, with security breaches increasingly threatening those transactions. Compromises of cybersecurity put the nation, millions of businesses and billions of people at personal and financial risk. Globally $60 billion is spent on cybersecurity. A study of San Diego cybersecurity industries by the National University System Institute for Policy Research found 6,640 work locally for core cybersecurity companies, including nearly one-half of those at SPAWAR. Total economic impact from cybersecurity business in San Diego annually generates $1.5 billion.