Rise in Global Cybercrime, Hits $600 Billion Annually, as Reported
The sudden rise in cybercrime has amounted to $600 billion worldwide, as reported by different agencies. This is mainly due to the high-profile techniques used by hackers and multiplication of criminal marketplaces, including cryptocurrency mining malware.
As reported by McAfee, the Center for Strategic and International Studies discovered that approximately one-fourth of the total cost of cybercrime in 2017 was because of the stealing of intellectual property. Furthermore, the cyber attacks by ransomware are increasing at a very fast speed. The financial institutions in Iran, North Korea, and Russia are the main targets of cyber criminals, while China has been reported to the most active in cyber spying.
The criminals accountable for attacks in cyberspace are utilizing advanced technologies, together with artificial intelligence and encryption. At these illegal activities get unnoticed or hidden as these cyber criminals utilize Bitcoins and cryptocurrency mining malware.
The chief technology officer for McAfee, Steve Grobman, while speaking in a news conference in Washington, disclosed that they are seriously observing the hackers taking advantage of the cutting-edge technology, along with innovative techniques. No doubt, these latest technologies can offer great value when utilized rightfully for other purposes, but, the cyber criminals are adopting them for hiding their information and sources of attacks.
Also, as per the McAfee-CSIS report, the cybercrime costs were increasing more from $445 billion, as anticipated in 2014. The CSIS vice president James Lewis hopes that this amount would knock down, but there is nothing insight as per the developments observed. Moreover, the dominance of a whole 'dark web' phenomenon has generated a safe room for criminals to operate. Subsequently, there has been a sudden increase in cyber criminal activities. The dark web marketplaces also allocate criminals and hackers to sell their tools or services which can be utilized for attacks, in addition to the selling of stolen credit card numbers. Another aspect of these illegal criminal activities is that geopolitical risks of cybercrime hold a major role in cyber attacks.
According to Lewis, Russia is the leader in cybercrime, and tantamount to major criminal activities followed by better skills of its hacker community and its non-adherence to western law enforcement. The second country in this vicinity is North Korea. This nation funds its government with the utilization of cryptocurrency theft. On the similar ground, there has been a spurt in cybercrime in Brazil, India and Vietnam.
The study also revealed that both the governments and the cybercrime community often maintain a close relation. For instance, in a huge attack against US-based Yahoo, one of the cybercriminals worked at the command of Russian intelligence services to carry out the malicious activities. Also, the stolen data was utilized for credit card fraud and spam activities.
The main aim of this study was to collect data pertaining to all of the criminal activities by hackers responsible for the loss of confidential business data, online fraud, stolen credit card misuse, cyber insurance, and fraudulent operation toward publicly traded companies. However, the study did not consider evaluating the cost of all malicious activities on the internet.
The above-mentioned global research report was released after the White House stated that the cyber attacks in the United States amounted to costs between $57 billion and $109 billion, and warned of more harm to the broader economy in future.
