• EUROPE NEWS
  • FEBRUARY 17, 2011, 2:16 P.M. ET

Cybercrime Costs Mount in U.K.

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BY CASSELL BRYAN-LOW

LONDON—The U.K. government said cybercrime is costing the British economy £27 billion ($43 billion) annually—roughly 2% of the country's economic output—underscoring how criminals continue to outmaneuver governments and corporations alike.

The report, the first attempt by the U.K. government to calculate losses from cybercrime, comes as officials here and in the U.S. have identified cyberattacks, including by organized criminals, terrorists and other states, as among the top threats their countries face.

Last week, U.S. Director of National Intelligence James Clapper told the House Permanent Select Committee on Intelligence that over the past year "we have seen a ...

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