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New Report Shows that Cybercrime is Big Business
When it comes to cybercrime, it is easy to assume that malware and Trojan hacks targeting bank accounts are carried out by a rag-tag bunch of loners sitting in a dark room with nothing better to do than target unsuspecting web-users around the world, stealing their money rather than going out and earning it legally. In actual fact, cybercrime is highly organised and run very much like a business with a lot of money involved.
A new report from McAfee called Cybercrime Exposed focusses on the trends in the digital underground, including just how easy it is for criminals to get hold of personal information. Covered by The Register, the research reveals the price at which stolen credit cards and bank account information trades for on the black market.
“Credit card details without a PIN costs around £16 apiece, a price that rises to £65 with a PIN or £130 with a PIN and a guaranteed good balance,” The Reg’s John Leyden says. Nevertheless, credit cards are not where the big money lies; that is found in the selling of banking logins.
US banking logins generally go for 2 percent of the account balance, while details of accounts in the EU cost 4-6 percent of the account balance. Not a lot if you are talking about the bank accounts of students, but for businesses with tens of thousands in an account, that is some serious cash.
PayPal and Western Union details were also found to be lucrative, going for 20 and 10 percent of the total respectively.
The Cybercrime Exposed paper was compiled by McAfee’s Raj Samani and François Paget, who obtained figures from the going underground cybercrime rate. However, the pair warned that law enforcement crackdowns mean that illegal activities are going deeper underground.
“Such underground platforms are implementing stronger mechanisms to ensure that participants are who they purport to be (or at the very least are not law enforcement officials),” said Samani and Paget in the report. “Ironically, while the platforms that facilitate the services marketplace for illegal activities are going deeper underground, the trade in zero-day vulnerabilities is more transparent than ever before.”
Cloud Web Security is a must
The Register article goes on to reveal the going rates for exploits on iOS, Adobe, Java and the leading web browsers, and it all makes for worrying reading. What research such as this does, though, is further highlight the need for Cloud Web Security. Risks to your business security arise daily and without protecting your systems – on and off the network – you could well see your private information being traded for big money in the cybercrime underground.
Do not become a victim; contact ITWiser about our Cloud Web Security service today.