Cybercrime Now Worth $105 Billion, Bypasses Drug Trade

Stony Stevenson writes "Citing recent highly publicized corporate data breaches that have beset major companies like Ameritrade, Citigroup, and Bank of America, McAfee CEO David DeWalt, said that cyber-crime has become a US$105 billion business that now surpasses the value of the illegal drug trade worldwide. Despite the increase in government compliance requirements and the proliferation of security tools, companies continue to underestimate the threat from phishing, data loss, and other cyber vulnerabilities, DeWalt said. 'Worldwide data losses now represent US$40 billion in losses to affected companies and individuals each year, DeWalt says. But law enforcement's ability to find, prosecute, and punish criminals in cyberspace has not kept up: "If you rob a 7-11 you'll get a much harsher punishment than if you stole millions online," DeWal remarked. "The cross-border sophistication in tracking and arresting cyber-criminals is just not there."'"

Surpasses US market, not global

[fafalone]

The value of the global illegal drug trade is upwards of $300-500 billion by most estimates (and at least 150-200 by almost all others); of which the US market makes up about $60-100bn. Why is fact checking virtually non-existent with anything related to drug prohibition? And the other tactic, deceptive use of statistics, such as implying the $90bn maximum value of the trade is the entire value based and neglecting to mention that's only the wholesale market, is equally acceptable in even the most reputable publications. Why? Oh yeah, because virtually every actual fact contradicts the political consensus that prohibition is the best way to deal with the harms drugs create.

It is scary. AV coordination is suspicious though

[Erris]

The BBC has a nice write up [slashdot.org] on how open and inviting the world of cybercrime is. Tools are passed around and improved and auctioned along with the results, according to William Beer, of Symantec. The scene is booming, with almost double the number of new threats in the first six months of 2007 as in the last of 2006.

Arbor Networks is reporting the same boom from the ISP perspective [slashdot.org], and thinks the infrastructure of the internet itself is in danger.

Darkreading [slashdot.org] details some of the sophistication of the attacks, from an IT perspective as reported by MessageLabs.

Hmmm. Symantec, MessageLabs, McAffe, all at once reporting the same thing. Not to downplay the threat, but is a new version of Windows out?

Re:Uhhh, wtf?

[QuantumG]

Robbery isn't necessarily violent

Huh? Then it's not robbery.

although he probably should have used home burglary as a better example

You're suggesting that burglary is the same thing as robbery?

Ok...

It does seem ridiculous that "white collar" crimes are less penalized since any one case typically affects many more people than any one burglary.

Larceny, whether committed via burglary or fraud or hacking carries the same penalty, determined by the value of the goods stolen. Burglary may carry other penalties, like trespass, or entering a domicile while the occupants are home, or damaging the property.. but that's just co-incidental.

Re:Uhhh, wtf?

[clarkkent09]

The purpose of prisons is to separate those who are a danger to society from society.

There is a bit more to it than that. In all countries there is a retributive element in the justice system, i.e. making the punishment proportional to the severity of the crime. If your statement were true, anyone who commits a crime and can show that they are not able to commit that crime again should just be let go.

Not True

[klblastone]

Cybercrime alarmists have been saying this for two years, but it's simply not true. The United Nations drug statistics indicate that the global market for illicit substances is approximately $322 billion. More information here: http://arstechnica.com/news.ars/post/20051129-5648.html [arstechnica.com]

Re:Bypasses drug trade?

[stranger_to_himself]

Insightful: exhibiting insight or clear and deep perception
Informative: tending to increase knowledge or dissipate ignorance