Feeds

Cybercrime 'more lucrative' than drugs

At least phishing fraudsters don't have Uzis

5 things you didn’t know about cloud backup

Global cybercrime turned over more money than drug trafficking last year, according to a US Treasury advisor. Valerie McNiven, an advisor to the US government on cybercrime, claimed1 that corporate espionage, child pornography, stock manipulation, phishing fraud and copyright offences cause more financial harm than the trade in illegal narcotics such as heroin and cocaine.

"Last year was the first year that proceeds from cybercrime were greater than proceeds from the sale of illegal drugs, and that was, I believe, over $105bn," McNiven told Reuters. "Cybercrime is moving at such a high speed that law enforcement cannot catch up with it."

Wider penetration of technology in developing nations is likely to increase levels of fraud, McNiven predicts. She called for investment to be made in creating more secure systems capable of thwarting fraudsters who are "often idle youths looking for quick gain".

McNiven, a former finance security specialist at the World Bank, made her comments during a conference on information security in the banking sector in Riyadh, Saudi Arabia, this week. ®

1Estimates about dollar losses from e-commerce fraud ($2.8bn in 2005, according to CyberSource, for example) tend to pale in comparison to industry estimates of losses due to software piracy and computer viruses, both of which we've had cause to question in the past (see here, here and here). Gauging the financial impact of the e-crime is fraught with difficulties so the figures McNiven cites ought to be treated with caution.

Secure remote control for conventional and virtual desktops

More from The Register

next story
Ice cream headache as black hat hacks sack Dairy Queen
I scream, you scream, we all scream 'DATA BREACH'!
Goog says patch⁵⁰ your Chrome
64-bit browser loads cat vids FIFTEEN PERCENT faster!
NIST to sysadmins: clean up your SSH mess
Too many keys, too badly managed
Scratched PC-dispatch patch patched, hatched in batch rematch
Windows security update fixed after triggering blue screens (and screams) of death
Researchers camouflage haxxor traps with fake application traffic
Honeypots sweetened to resemble actual workloads, complete with 'secure' logins
Attack flogged through shiny-clicky social media buttons
66,000 users popped by malicious Flash fudging add-on
JLaw, Kate Upton exposed in celeb nude pics hack
100 women victimised as Apple iCloud accounts reportedly popped
New Snowden leak: How NSA shared 850-billion-plus metadata records
'Federated search' spaffed info all over Five Eyes chums
Three quarters of South Korea popped in online gaming raids
Records used to plunder game items, sold off to low lifes
Oz fed police in PDF redaction SNAFU
Give us your metadata, we'll publish your data
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.