McAfee Regrets "Flawed" Trillion Dollar Cyber Crime Claims

Techy77 writes "McAfee's chief technology officer Mike Fey has admitted that he regrets his own company's estimates, which once pinned global losses from cyber crime at more than $1 trillion. From the article: '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. “It’s very difficult to put a dollar figure on it,” Mr Fey said. “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 [intellectual property] loss means. 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."'"

Comments

Personal Loss???

[SeNtM]

I have yet to meet an independent engineer who has had work stolen by someone who commits the type of cyber crime that McAfee claims to protect from.

I have met individuals who claim to have had their life's work stolen by corporations, who subsequently patent it and then troll on the patent.

Small companies and corporations seem like more likely targets of that claim, and the perpetrators are likely larger companies....imho.

Re:Wow, an article about McAfee Inc

[lxs]

Yeah. I was disappointed as well. Turns out this guy is equally delusional.

chex

[Impy the Impiuos Imp]

admitted that he regrets his own company's estimates, which once pinned global losses from cyber crime at more than $1 trillion

"The real problem was due to the exchange rate," he said. "We actually estimated losses at over 25 Bitcoins."