Britainâ€™s Prime Minister David Cameron said on Tuesday one trillion dollars has been lost through cyber crime across the world.
Cameron, who spoke at the opening of the London Conference on Cyberspace, added that cyber crime also cost his country nearly 27 billion dollars annually.
â€œIt costs just 69 pence (nearly one dollar), about the price of a song on iTunes, to buy someoneâ€™s credit card information online,â€ Cameron said.
He explained that international cyber security has raised â€˜real and pressingâ€™ concerns adding that â€œa cross-border problem needs cross-border solutions â€.
The Prime Minister said Britain has prioritised cyber attacks as a tier one threat and put 650 million pounds towards improving its cyber defences.
â€œThis is why we are inviting others to join us in a network wide enough and powerful enough to face these threats now.
â€œWe cannot leave the cyberspace wide open to the criminals and terrorists that threaten our security and prosperity: at the same time, we cannot just go down the heavy-handed route.â€
Cameronm, however, advised that governments must not use cyber security as an excuse for censorship or to deny people the opportunities that Internet represents.
â€œDo that and we will crush all that is good about the Internet, the creativity that gives life to new ideas and new movements,â€ Cameron said.
Earlier, Mr William Hague, British Foreign Secretary had said that journalists and bloggers must be allowed to express themselves freely and safely within international standards.
â€œThe idea of freedom cannot be contained behind bars no matter how strong the lock.
â€œBritain will always be on the side of those aspiring to greater political and economic freedom anywhere in the world,â€ Hague said.
The Europe Correspondent of the News Agency of Nigeria (NAN) covering the conference reports that ideas and proposals that emerge from the conference will be developed into what will be known as the â€œLondon Agendaâ€.
Sessions at the conference include Internet Freedom; Cyber Crime Legislation; Child Safety in Cyberspace and Policing in the Cyber Age.
NAN reports that Nigeria is among the 60 countries attending the two-day conference.