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Malicious cyber activity cost U.S. up to $109 billion

Staff Writer |
The U.S. economy spent anywhere between $57 billion and $109 billion on cybercrimes in 2016 alone, according to a report from the White House Council of Economic Advisers.

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Cybercrimes include DDoS attacks, destruction of data or property, any disruption in business practices and stolen identity, intellectual or financial property.

In the last five years, cyberthreats emerged as the "most important strategic threat facing the United States" because they implicate security risks for "nearly all information, communications networks and systems," according to the report.

Nation-states, hacktivists and corporate competitors are among the different categories of malicious actors, and nation-states including Russia, China, Iran and North Korea are the most prevalent sources of threats.

Coinciding with the report, the White House officially declared the Russian military responsible for last year's Nyetya wiper, according to a White House announcement.

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