Posted in: cybercrime, hacking, In this week's e-newsletter, Latest News & Views
Crime pays, at least in Russia. A new report from a Moscow-based cyber security firm found that Russian cyber criminals rake in about a third of the world’s black market earnings from cybercrime around the world.
Their share, $4.5 billion, is a big chunk of the $12.5 billion that’s swiped annually using online fraud schemes.
The figures were assembled by the Group-IB, a cyber security services firm working mainly with the Russian government and banks to help reduce online fraud.
Earlier this year, Facebook exposed the hackers behind the Koobface work. The Koobface gang was comprised of five members who were Russians from St. Petersburg. Eugene Kapersky, the CEO of software security firm Kaspersky Lab, also based in Moscow, said that the Koobface gang had become millionaires thanks to their hacking skills.
“The cybercrime market originating from Russia costs the global economy billions of dollars every year,” said Ilya Sachkov, Group-IB’s CEO. “Although the Russian government has taken some very positive steps, we think it needs to go further by changing existing law enforcement practices, establishing proper international cooperation and ultimately improving the number of solved computer crimes.”
For an infographic of the Russian cybercrime reach, visit here.
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