Virus Costs Estimated At $10.7 Billion - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Virus Costs Estimated At $10.7 Billion

Viruses have cost businesses $10.7 billion so far this year, estimates Computer Economics.

Research firm Computer Economics estimates the total costs related to cleaning viruses from infected systems, lost productivity, and restoring damaged files reached $10.7 billion through August of this year. The firm also estimated that viruses cost businesses $17.1 billion in 2000 and $12.1 billion in 1999.

Michael Erbschloe, VP of research at Computer Economics, says that one more major outbreak such as last year's LoveBug virus, or this year's Code Red worm, could push virus-related costs for 2001 over last year's $17.1 billion. However, Erbschloe says most large companies hit by last year's outbreaks have reduced virus-related costs this year by taking precautions, such as installing anti-virus software.

"The problem is worse among Soho small office, home office and midsize companies who have fewer resources to address the problem," says Erbschloe. "Many smaller companies are going online and using the Web and E-mail as a business tool. However, they haven't installed the necessary levels of protection." Erbschloe also says some of the costs can be traced to service providers, who, he claims, failed to take proper precautions on their networks, especially for attacks by the worm Code Red.

Malicious applications with the highest price tag this year, says Erbschloe, have been the Code Red worm, at $2.6 billion, and the SirCam virus, which has caused just over $1 billion in damage with more than 2,300,000 infections.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
Commentary
Why 2021 May Turn Out to be a Great Year for Tech Startups
John Edwards, Technology Journalist & Author,  2/24/2021
News
How GIS Data Can Help Fix Vaccine Distribution
Jessica Davis, Senior Editor, Enterprise Apps,  2/17/2021
Slideshows
11 Ways DevOps Is Evolving
Lisa Morgan, Freelance Writer,  2/18/2021
Register for InformationWeek Newsletters
Video
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll