85277
Global Cybercrime Generating $1.5t in Illicit Profits
Global Cybercrime Generating $1.5t in Illicit Profits

Global Cybercrime Generating $1.5t in Illicit Profits

Global Cybercrime Generating $1.5t in Illicit Profits

New criminality platforms and a booming cybercrime economy have resulted in $1.5 trillion in illicit profits being acquired, laundered, spent and reinvested by cybercriminals, according to Bromium’s independent study that looked into the interconnected dynamics of cybercrime.
Bromium is a venture capital–backed startup based in Cupertino, California, that works with virtualization technology. This is one of the first studies to view the dynamics of cybercrime through the lens of revenue flow and profit distribution, and not solely on the well-understood mechanisms of cybercrime, Information Age reported.
The new research exposes a cybercrime-based economy and the professionalization of cybercrime. This economy has become a self-sustaining system–an interconnected web of profit that blurs the lines between the legitimate and illegitimate.
The research points to an emergence of platform criminality, mirroring the platform capitalism model currently used by companies like Uber and Amazon, where data is the commodity.
The report also raises concerns about new criminality models that these platforms enable, which fund broader criminal activities such as human trafficking; drug production and distribution; and even terrorism.
“The findings provide shocking insight into just how widespread and profitable cybercrime has become,” said Gregory Webb, CEO of Bromium. The platform criminality model is productizing malware and making cybercrime as easy as shopping online.
Not only is it easy to access cybercriminal tools, services and expertise: it means enterprises and governments alike are going to see more sophisticated, costly and disruptive attacks as The Web of Profit continues to gain momentum.
"We can’t solve this problem using old thinking or outmoded technology. It’s time for new approaches.”

Short URL : https://goo.gl/LFB7qV
  1. https://goo.gl/7URGX9
  • https://goo.gl/cgWVYr
  • https://goo.gl/rgvKEK
  • https://goo.gl/qxHWrq
  • https://goo.gl/9q9mbP

You can also read ...

An expanding trade war threatens to squeeze incomes.
The untold story of the world economy—so far at least—is the...
Russia has been seeking ways of decreasing dependence  on the US currency.
One of Russia’s largest banks, VTB is seeking to decrease the...
Uncertainty abounds in Malaysia, where a two-month-old government is only starting to give  a clearer picture of economic policy.
For Southeast Asia's biggest economies, 2018 wasn't supposed...
PwC Says Australian Firms Deliberately Going Broke
Companies that deliberately fail are costing the Australian...
Asian Stocks Retreat, European Shares Mixed
Asian stocks closed lower on Monday as investors digested the...
Turkey Budget Deficit Expands
Turkey’s central government budget balance recorded a deficit...
Chinese Premier Li Keqiang (C) shakes hands with Jean-Claude Juncker (L) and Donald Tusk after the meeting in Beijing on Monday.
China could open its economy if it wished, European Commission...
Experts Say China Can Cope With Uncertain H2
China is confident it can cope with a more uncertain second...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus