(TELEGRAPH) — The cost of cyber crime for the global economy has been estimated at $445 billion (£266 billion) annually.
Cyber espionage and stealing individuals' personal information is believed to have affected more than 800 million people during 2013.
Financial losses from cybertheft could cause as many as 150,000 Europeans to lose their jobs, according to a report conducted by internet security company McAfee.
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Cyber crime damages trade between nations, competitiveness, innovation, and global economic growth, and slows the pace of global innovation.