Cybercrime Hurting Businesses to Tune of $600 billion

Crime | February 22, 2018, Thursday // 10:59| Views: | Comments: 0
  • Send to Kindle
Bulgaria: Cybercrime Hurting Businesses to Tune of $600 billion

The internet has made life easier in a whole lot of ways. Love that convenience? So do criminals, according to

A report out Wednesday says cybercrime may now be costing businesses worldwide as much as 0 billion, and it points to the ease of digital crime as the reason.

"The digital world has transformed almost every aspect of our lives, including risk and crime, so that crime is more efficient, less risky, more profitable and has never been easier to execute," Steve Grobman, chief technology officer for computer security company McAfee, said in a statement. McAfee developed the report (PDF) along with the Center for Strategic and International Studies, a nonprofit, bipartisan think tank.

The fastest-growing tool for digital crooks right now? Ransomware, the report says. That's malicious software that can lock up your computer files till you send hackers a ransom payment. Attackers used it in the headline-grabbing WannaCry assault that hit hospitals, banks, telecommunications companies and warehouses in the middle of last year.

More than 6,000 illegal online marketplaces now offer ransomware for sale, says the McAfee-CSIS report. And if the buy-it-and-try-it, DIY approach seems like a headache, would-be criminals can simply hire a contractor -- ransomware-as-a-service is getting more popular.

Indeed, general cybercrime-as-a-service has gotten more sophisticated, says the study, with everything from custom malware to attack kits to botnet rentals available for convenience-seeking cyberbaddies.

The report also says the advent of cryptocurrencies has made it easier for digital troublemakers to actually make money off their crimes.

What's to be done? The study says that if data about cyberthreats was better standardized and cybersecurity requirements were better coordinated, businesses could more effectively protect themselves.

Security:  Stay up-to-date on the latest in breaches, hacks, fixes and all those cybersecurity issues that keep you up at night

Crime » Be a reporter: Write and send your article
Tags: business, cyber crime, hackers, hack All Are Welcome! Join Now!
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria