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.
Global cybercrime costs $600 bn annually: study
Global cybercrime costs $600 bn annually: study
Thailand-Cambodia fighting rages on as Trump signals intent to intervene
- Clashes raged at more than a dozen locations along their 817-km border
- “I hate to say this one, named Cambodia-Thailand, and it started up today, and tomorrow I am going to have to make a phone call,” Trump said
BANGKOK/PHNOM PENH: Thailand and Cambodia traded accusations of targeting civilians in artillery and rocket attacks on Wednesday, as US President Donald Trump said he would try to intervene to stop the fighting and salvage a ceasefire he brokered earlier this year.
Clashes raged at more than a dozen locations along their 817-km (508-mile) border in some of the most intense fighting since a five-day battle in July, which Trump stopped with calls to both leaders to halt their worst conflict in recent history.
The Southeast Asian neighbors have blamed each other for the clashes that started on Monday.
’IT CANNOT BE AS SIMPLE AS PICKING UP THE PHONE’
Trump at a rally in Pennsylvania late on Tuesday said he would try to stop the renewed hostilities, after enumerating the conflicts he said he had helped stop, such as those between Pakistan and India, and Israel and Iran.
“I hate to say this one, named Cambodia-Thailand, and it started up today, and tomorrow I am going to have to make a phone call,” he said.
“Who else could say, ‘I’m going to make a phone call and stop a war of two very powerful countries, Thailand and Cambodia?’“
Thailand’s army has made clear it wants to cripple Cambodia’s military capabilities and Prime Minister Anutin Charnvirakul on Tuesday said operations would not stop.
He declined to comment on Wednesday on what the military’s end-game was. Asked about Trump’s remarks, he said the conflict was a matter between the two countries involved.
“Other national leaders may have good intentions in wanting peace,” Anutin told reporters. “It cannot be as simple as picking up the phone and calling. There must be proper appointment and agreed talking points. We still have time to prepare these issues if such discussions are to take place.”
Cambodian government spokesperson Pen Bona said Phnom Penh’s position was that it wanted only peace and had acted in self-defense. A top adviser to Cambodia’s prime minister has signalled the country was ready to negotiate.
Malaysian Prime Minister Anwar Ibrahim, who helped Trump broker the ceasefire, said he had spoken with leaders of Thailand and Cambodia on Tuesday and, though no definitive resolution was reached, he appreciated “the openness and willingness of both leaders to continue negotiations in order to ease tensions.”
ROCKETS, JETS AND DRONE-BOMBS
Thailand’s army said fighting took place on 16 different fronts on Wednesday, including both ends of the border. It reported an onslaught of BM-21 rockets fired by Cambodian forces, some of which it said landed near a hospital in Surin province, forcing the evacuation of patients and staff.
The army said Cambodian drones were being used to drop bombs and BM-21 rockets, and tanks were used at other border areas, including near the contested 11th Century Preah Vihear temple, a flashpoint for previous diplomatic and military conflicts.
Cambodia’s military said Thailand used artillery fire and armed drones and fired mortars into homes, while F-16 fighter jets had entered Cambodian airspace on multiple occasions, some dropping bombs near civilian areas.
“Cambodian forces have been fighting fiercely against the advancing enemy and have stood firm in their role of protecting Cambodia’s territorial integrity,” the defense ministry said in a statement.
In July, Trump used the leverage of trade negotiations to broker a ceasefire. Thai Foreign Minister Sihasak Phuangketkeow on Tuesday told Reuters that tariff threats should not be used to pressure his country into talks.
Last month, Thailand suspended de-escalation measures, agreed at an October summit in Trump’s presence, after a Thai soldier was maimed by a land mine that Bangkok said was newly laid by Cambodia, which rejects the accusation.
HEAVY TOLL ON CIVILIANS
The three days of clashes have taken a heavy toll on civilians, with nine people killed in Cambodia, including an infant, and 46 people wounded, according to its government. Five Thai soldiers had been killed in the fighting and 68 people were wounded, the Thai army said.
On Wednesday, Cambodia withdrew its athletes from the Southeast Asian Games in Thailand, citing safety reasons and their families’ concern.
Hundreds of thousands of people have been evacuated from border areas, though some people have chosen not to leave.
“I have to stay behind,” said Wuttikrai Chimngarm, as he hunkered down behind a makeshift bunker of tires stacked six high while shelling shook Thailand’s border province of Buriram.
“I’m the head of the village, if not me, then who? Who will be safeguarding the houses and belongings of the villagers from looters?“
As soon as Monday’s fighting erupted, residents fled the disputed village of Kaun Kriel, about 25 km (15 miles) northwest of Cambodia’s city of Samraong.
“This is my second run because the place I live ... was under attack both times,” said Cambodian Marng Sarun, a 31-year-old harvester, who left with his wife and two children.
