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

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.


UK’s Johnson to visit European capitals seeking Brexit breakthrough

Updated 18 August 2019

UK’s Johnson to visit European capitals seeking Brexit breakthrough

  • Johnson will travel for talks with German Chancellor Merkel and French President Macron
  • Johnson is expected to push for the EU to reopen negotiations over the terms of Brexit

LONDON: UK's Boris Johnson will visit European capitals this week on his first overseas trip as prime minister, as his government said Sunday it had ordered the scrapping of the decades-old law enforcing its EU membership.

Johnson will travel to Berlin on Wednesday for talks with German Chancellor Angela Merkel and on to Paris Thursday for discussions with French President Emmanuel Macron, Downing Street confirmed on Sunday, amid growing fears of a no-deal Brexit in two and a half months.

The meetings, ahead of a two-day G7 summit starting Saturday in the southern French resort of Biarritz, are his first diplomatic forays abroad since replacing predecessor Theresa May last month.

Johnson is expected to push for the EU to reopen negotiations over the terms of Brexit or warn that it faces the prospect of Britain's disorderly departure on October 31 -- the date it is due to leave.

European leaders have repeatedly rejected reopening an accord agreed by May last year but then rejected by British lawmakers on three occasions, despite Johnson's threats that the country will leave then without an agreement.

In an apparent show of intent, London announced Sunday that it had ordered the repeal of the European Communities Act, which took Britain into the forerunner to the EU 46 years ago and gives Brussels law supremacy.

The order, signed by Brexit Secretary Steve Barclay on Friday, is set to take effect on October 31.

"This is a landmark moment in taking back control of our laws from Brussels," Barclay said in a statement.

"This is a clear signal to the people of this country that there is no turning back -- we are leaving the EU as promised on October 31, whatever the circumstances -- delivering on the instructions given to us in 2016."

The moves come as Johnson faces increasing pressure to immediately recall MPs from their summer holidays so that parliament can debate Brexit.

More than 100 lawmakers, who are not due to return until September 3, have demanded in a letter that he reconvene the 650-seat House of Commons and let them sit permanently until October 31.

"Our country is on the brink of an economic crisis, as we career towards a no-deal Brexit," said the letter, signed by MPs and opposition party leaders who want to halt a no-deal departure.

"We face a national emergency, and parliament must be recalled now."

Parliament is set to break up again shortly after it returns, with the main parties holding their annual conferences during the September break.

Main opposition Labour leader Jeremy Corbyn wants to call a vote of no confidence in Johnson's government after parliament returns.

He hopes to take over as a temporary prime minister, seek an extension to Britain's EU departure date to stop a no-deal Brexit, and then call a general election.

"What we need is a government that is prepared to negotiate with the European Union so we don't have a crash-out on the 31st," Corbyn said Saturday.

"This government clearly doesn't want to do that."

Britain could face food, fuel and medicine shortages and chaos at its ports in a no-deal Brexit, The Sunday Times newspaper reported, citing a leaked government planning document.

There would likely be some form of hard border imposed on the island of Ireland, the document implied.

Rather than worst-case scenarios, the leaked document, compiled this month by the Cabinet Office ministry, spells out the likely ramifications of a no-deal Brexit, the broadsheet claimed.

The document said logjams could affect fuel distribution, while up to 85 percent of trucks using the main ports to continental Europe might not be ready for French customs.

The availability of fresh food would be diminished and prices would go up, the newspaper said.