Cybercrime Could Be As Destructive As Credit Crisis
Posted on: Thursday, 20 November 2008, 08:15 CST
According to some of the world’s top crime experts, cybercrime could cause as much trouble as the recent credit crisis if regulations are not improved.
Cybercrime causes an estimated $100 billion in damages annually said Kilian Strauss, of the Organization for Security and Cooperation in Europe (OSCE).
According to Strauss, more internet experts are needed to tackle cybercrime. "These criminals, they outsmart us ten, or a hundred to one," Strauss added.
The scope for cybercrime damage is large. Criminal organizations often exploit the lack of oversight by committing internet crimes such as money-laundering, computer spying, and theft of personal information.
"We need multilateral understanding, account and oversight to avoid, in the years to come, a cyber crisis equivalent to the current financial crisis," said Antonio Maria Costa, Executive Director of the United Nations Office on Drugs and Crime.
Many countries, including the United States, have voiced concerns over internet crime’s ability to threaten national security, in particular, Russia and China’s ability to spy on and disrupt computer networks.
The quest for regulation comes at a time of regulatory rebirth, as leaders look to strengthen laws in the financial sector because of the recent global financial crisis.
"Because of the transnational nature of identity-related crime, and especially of cybercrime, if we do not tackle the crime everywhere we will not solve it anywhere," Costa said.
Khoo Boon Hui, President of Interpol, said gangs from China, India, Eastern Europe, and Africa are becoming increasingly tech-savvy, finding more sophisticated ways to steal money from people.
He also added that there has been a trend of company leaders being bribed by fraudsters claiming they have damaging evidence to bring against businesses.
Strauss said Internet crime watchdogs are hoping to learn from criminals willing to switch sides.
---
On the Net:
Source: redOrbit Staff & Wire Reports
Related Articles
- Internet Security In ‘Catastrophic’ State
- F-Secure Leads Internet Security Industry in Developing 'In-the-Cloud' Technology
- Symantec Looks Back at the Internet Security Trends and Threats of 2007
- Financial Services Industry, Internet Security and Law Enforcement Join Forces to Fight Electronic Crime
- TechBiz Connection to Host Seminar on the Future of Internet Security
- Internet Security Systems Schedules Second Quarter 2006 Earnings Call
- Symantec Internet Security Threat Report Tracks Notable Rise in Cybercrime Activity
- New CA eTrust Internet Security Suite Defends PCs From Online Threats
- Symantec Press Publishes ''The Symantec Guide to Home Internet Security''; Easy-To-Understand Book Offers Ways For Home Computer Users and Small Businesses To Protect Information From Cyber Attacks
- Internet Security Head Accused of Hacking
 |
 |
User Comments (0)
RSS Feeds