Gobal Recession is Cybercrime's Opportunity!

by CXOtoday Staff    Dec 10, 2008

The threat of economic attack is diverting political attention worldwide and cyber security is not enough of a priority for real headway to be made against perpetrators of online crime, according to the survey.

The report warns that unless significant resources are committed to international efforts to fight malicious cyber activity, cybercrime may impact consumer confidence, slowing down global recovery in 2009.

The survey examines emerging global cyber security trends, with input from leading academics, criminal lawyers, law enforcement authorities and security experts across the world. This year’s report identified several challenges:

Cybercriminals are cashing in on consumer anxiety to profit from old-fashioned ‘get rich quick’ scams. People are signing up to add malicious code to websites, lured by the promise of easy money.

At the same time, desperate job seekers are being recruited as ‘money mules’ to launder cybercriminal gains under the guise of ‘international sales representatives’ or ’shipping managers’. With the economic downturn driving more people to the web to seek the best deals, opportunities for cybercriminals to attack are on the rise as people are more easily drawn in.

Police forces on the front line often lack the specialist skills required to effectively fight cybercrime.

Russia and China have become key safe havens for cybercriminals while Brazil has become one of the fastest growing ’scapegoat’ countries for cybercrime, according to the survey.

Law enforcement is bound to physical national boundaries, while cybercriminals cooperate fast across borders. Communication between countries remains inconsistent and limited, the survey found.

Dave DeWalt, CEO and president, Mcafee said, “While governments and law enforcement bodies’ attentions are diverted by the current economic crisis, the door is left open for cybercrimimals to continue to target bank balances worldwide and to potentially damage the consumer trust needed to aid rapid recovery.”

Governments need to commit to funding resources needed to combat cybercrime; bureaucratic bodies need to be rationalized and harmonized and police forces need to be coordinated across boundaries.