Cybercrime raking in more than drugs

The amount of money generated by cybercrime now puts it above drug trafficking in revenue terms, with $1 trillion annually being laundered by the criminal fraternity. In a recent US Senate Commerce Committee meeting AT&T’s chief security officer Edward Amoroso revealed the size of the problem a



The amount of money generated by cybercrime now puts it above drug trafficking in revenue terms, with $1 trillion annually being laundered by the criminal fraternity.

In a recent US Senate Commerce Committee meeting AT&T’s chief security officer Edward Amoroso revealed the size of the problem and he has been backed up by security specialist Finjan.

The vendor pointed to the recession to explain both the drop in drug-related revenues and the attraction of cybercrime.

"Our latest research suggests that, whilst the economic downturn is reducing the income of drug traffickers, cybercriminals are becoming ever more innovative in the ways they extract money from companies and individual," said Yuval Ben Itzhak, Finjan chief technology officer.

"In our Q1 2009 report on cybercrime, for example, we revealed that one single rogueware network raked in $10,800 a day, or $39.42 million a year,” he added.

It took quite a while for the message to get across to customers that criminals were behind attacks, rather than student virus writers looking for fame, but now most companies are aware of the risks run by leaving security to chance.

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