Feeds

Cybercrime 'more lucrative' than drugs

At least phishing fraudsters don't have Uzis

High performance access to file storage

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.

High performance access to file storage

More from The Register

next story
Parent gabfest Mumsnet hit by SSL bug: My heart bleeds, grins hacker
Natter-board tells middle-class Britain to purée its passwords
Obama allows NSA to exploit 0-days: report
If the spooks say they need it, they get it
Web data BLEEDOUT: Users to feel the pain as Heartbleed bug revealed
Vendors and ISPs have work to do updating firmware - if it's possible to fix this
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Snowden-inspired crypto-email service Lavaboom launches
German service pays tribute to Lavabit
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
Call of Duty 'fragged using OpenSSL's Heartbleed exploit'
So it begins ... or maybe not, says one analyst
NSA denies it knew about and USED Heartbleed encryption flaw for TWO YEARS
Agency forgets it exists to protect communications, not just spy on them
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.