Business

Cybercrime Now Costs The Global Economy $600 Billion Annually

SHAHNAWAZ | 0
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| February 22 , 2018 , 15:49 IST

Cybercrime now costs the world almost $600 billion, or 0.8 percent of global GDP, according to a new report by the Center for Strategic and International Studies (CSIS) and McAfee.

The report released on Wednesday states that nearly two-thirds of people who use online services (more than two billion individuals)—have had their personal data stolen or compromised.

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Key findings:

Ransomware is the fastest growing cybercrime tool, with more than 6,000 online criminal marketplaces selling ransomware products and services, and ransomware-as-a-service gaining in popularity.

Russia, North Korea, and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.

Cybercrime has become more sophisticated with an array of tools and services such as exploit kits, custom malware and botnet rentals available.

The threat of law enforcement action has forced most cybercrime dealings onto the dark web, where the anonymity of cryptocurrencies (e.g., Tor and Bitcoin) protects actors from easy identification.

Popular malware on the dark web includes web injections, exploit kits and infrastructure-as-a-service, such as bulletproof hosting and botnet rentals.

The theft of intellectual property accounts for at least a quarter of the cost of cybercrime and, when it involves military technology, creates risks to national security as well.