Organised cybercrime groups are now as powerful as nations

siljaline · Jun 9, 2014

'Crime as a service' flourishes as hackers share skills to build complex attacks to steal cash and intellectual property.

Dozens of cybercrime groups have reached the level of sophistication where their technical capabilities are on a par with those of a nation-state, it has been claimed.

Gangs are capable of building complex systems aimed at stealing money and intellectual property on a grand scale, costing almost the same to the global economy as counterfeiting or the narcotics trade — more than $400bn a year.
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http://www.zdnet.com/organised-cybercrime-groups-are-now-as-powerful-as-nations-7000030323/

Related:
Cyber crime costs global economy $445 billion a year: report

(Reuters) - Cyber crime costs the global economy about $445 billion every year, with the damage to business from the theft of intellectual property exceeding the $160 billion loss to individuals from hacking, according to research published on Monday.

The report from the Center for Strategic and International Studies (CSIS) said cyber crime was a growth industry that damaged trade, competitiveness and innovation.
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http://www.reuters.com/article/2014/06/09/us-cybersecurity-mcafee-csis-idUSKBN0EK0SV20140609

ronjor · Jun 9, 2014

By Darlene Storm

Granted, cybercrime is big business and it’s bad out there as company after company admits to being compromised, but I have a real problem with believing cybercrime cost estimates are more than mere made-up figures. For example, the McAfee-sponsored Center for Strategic and International Studies (CSIS) report estimated that in 2013 “the likely annual cost to the global economy from cybercrime is more than $400 billion. A conservative estimate would be $375 billion in losses, while the maximum could be as much as $575 billion.” That’s a difference of $200 billion as if the dollars are simply Monopoly play-money!
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http://blogs.computerworld.com/cybe...45-billion-bloated-bs-or-true-cost-cybercrime

Gullible Jones · Jun 9, 2014

This is absolutely ripe for political commentary, but I think I'd better keep my mouth shut...

siljaline · Jun 9, 2014

Gullible Jones said: ↑

This is absolutely ripe for political commentary, but I think I'd better keep my mouth shut...
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Not any more Political than, say, this too long running thread:
https://www.wilderssecurity.com/thre...ems-for-user-data-secret-files-reveal.348308/

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