Global cybercrime costs $600 bn annually: study

The annual cost of cybercrime has hit $600 billion worldwide, fueled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers said Wednesday. A report by the security firm McAfee with the Center for Strategic and International Studies found theft of intellectual property represents about one-fourth of the cost of cybercrime in 2017, and that other attacks such as those involving ransomware are growing at a fast pace. Russia, North Korea and Iran are the main sources of hackers targeting financial institutions, while China is the most active in cyber espionage, the report found. Criminals are using cutting-edge technologies including artificial intelligence and encryption for attacks in cyberspace, with anonymity preserved by using bitcoin or other cryptocurrency, the researchers said. “We are seeing the bad actor community taking advantage of the innovation in the technology industry,” Steve Grobman, chief technology officer for McAfee, told a news conference in Washington. Even though these technologies can offer “tremendous value” when used for legitimate purposes, they also can be adopted by criminals to hide their tracks, Grobman said. The McAfee-CSIS report suggested cybercrime costs were rising from a 2014 estimate of $445 billion. “We were hoping it would flatten, but we didn’t see that,” said CSIS vice president James Lewis. One of the reasons for the increase, according to Lewis, is that “there’s a whole ‘dark web’ phenomenon that creates a safe space for criminals to operate.” These dark web marketplaces, the report noted, allow hackers and other criminals to… [Read full story]

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