Global cybercrime costs $600 bn annually: study

The annual cost of cybercrime has hit $600 billion worldwide, fueled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies. (AFP)
Updated 21 February 2018
0

Global cybercrime costs $600 bn annually: study

WASHINGTON: The annual cost of cybercrime has hit $600 billion worldwide, fueled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers said Wednesday.
A report produced by the security firm McAfee with the Center for Strategic and International Studies found theft of intellectual property represents about one-fourth of the cost of cybercrime in 2017.
Russia, North Korea and Iran are the main sources of hackers targeting financial institutions, while China is the most active in cyber espionage, the report found.
The researchers said ransomware is the fastest-growing component of cybercrime, helped by the easy availability of marketplaces offering hacking services.
The global research report comes days after the White House released a report showing cyberattacks cost the United States between $57 billion and $109 billion in 2016, while warning of a “spillover” effect for the broader economy if certain sectors are hit.
Globally, criminals are using the same tools for data or identity theft, bank hacks, and other cyber mischief, with anonymity preserved by using bitcoin or other cryptocurrency.
“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,” said Steve Grobman, chief technology officer for McAfee.
CSIS vice president James Lewis said meanwhile the geopolitical risks of cybercrime are a key element in these attacks.
“Our research bore out the fact that Russia is the leader in cybercrime, reflecting the skill of its hacker community and its disdain for western law enforcement,” Lewis said.
“North Korea is second in line, as the nation uses cryptocurrency theft to help fund its regime, and we’re now seeing an expanding number of cybercrime centers, including not only North Korea but also Brazil, India and Vietnam.”
The latest McAfee-CSIS report suggested cybercrime costs were rising from a 2014 estimate of $445 billion.
“Cybercrime remains far too easy, since many technology users fail to take the most basic protective measures, and many technology products lack adequate defenses, while cybercriminals use both simple and advanced technology to identify targets, automate software creation and delivery, and easy monetization of what they steal,” the report said.
The study did not attempt to measure the cost of all malicious activity on the Internet, but focused on the loss of proprietary business data, online fraud and financial crimes, manipulation directed toward publicly traded companies, cyber insurance and reputational damage.


Kosovo votes to create national army over Serb objections

Updated 18 October 2018
0

Kosovo votes to create national army over Serb objections

  • Europe’s newest independent state which relies on NATO troops for its protection, voted to set up a 5,000-strong national army
  • The landlocked Balkan territory of 1.8 million, which declared independence in 2008, is still guarded by 4,000 stationed NATO troops

PRISTINA: Parliament in Kosovo, Europe’s newest independent state which relies on NATO troops for its protection, voted on Thursday to set up a 5,000-strong national army though its Serb minority said the move was illegal.
Serb deputies, backed by Belgrade which does not recognize Kosovo’s independence, have blocked any such move in the past saying creation of a national army required a change to the constitution.
But three laws promoted by the Kosovo government and passed by a parliamentary vote on Thursday simply upgraded the mandate of the lightly-armed domestic Kosovo Security Force (KSF) to become a national army — something which the government said did not require any changes to the constitution.
The vote was passed with 98 in favor in the 120-seat parliament, though it was boycotted by the legislature’s 11 Serb deputies. A second vote will be required in the next few days.
“The three laws have one task, to protect the territorial integrity of Kosovo, to protect the citizens of all communities in Kosovo,” Prime Minister Ramush Haradinaj said before the vote.
The landlocked Balkan territory of 1.8 million, which declared independence in 2008, is still guarded by 4,000 stationed NATO troops nearly two decades after the end of the war.
NATO moved into the fledgling state in June 1999 following weeks of air strikes to halt the killing and expulsion of ethnic Albanian civilians by Serbian forces fighting a two-year counter-insurgency after the break-up of Yugoslavia.
The United States and most of the European Union member states recognize Kosovo. But objections by permanent Security Council members Russia and China which back Serbia in not accepting Kosovo’s statehood prevent it from being a member of the United Nations.
The laws passed said the new army would have 5,000 active soldiers and 3,000 reservists. The present KSF security force is a lightly armed, 2,500-strong force trained by NATO and tasked with crisis response, civil protection and ordinance disposal.
NATO says it has no plans to leave the territory just now, but it suggested that any change to the status of the KSF might lead to a reduction in its forces there.
“Any change in the structure, mandate and mission of the Kosovo Security Forces is for the Kosovo authorities to decide,” a NATO official told Reuters in an emailed answer.
“NATO supports the Kosovo Security Force under its current mandate. Should this mandate evolve, the North Atlantic Council will have to re-examine the level of NATO’s engagement in Kosovo. We cannot predict decisions by the North Atlantic Council.”