McAfee Releases Report On The Evolution Of Cyber Crime

The McAfee Virtual Criminology Report exposes a hierarchy of cyber criminals and new cyber crime tools used to commit crime on the Internet...

McAfee Inc (NYSE: MFE), the leader in Intrusion Prevention and Security Risk Management solutions has released the results and availability of the McAfee Virtual Criminology Report, which examines how a new class of criminals are using the Internet in systematic and professional ways to commit illegal acts. According to the findings, information theft is the most damaging category of Internet crime, while viruses have been the most costly for businesses.

The report, commissioned by McAfee, discusses how organised crime and cyber crime are developing, and looks at the future threat this activity could pose to home computers, government computer networks, and to computer systems in the business sector. The report reveals a hierarchy of cyber criminals, discussing the recent evolution of the amateur cyber delinquent to the professional cyber gang.

Prior to 2000 cyber criminals, acting alone, committed the majority of cyber crimes, usually in an attempt to attain notoriety within the cyber world. However, in recent years, a shift has occurred as professional criminals are now committing cyber crimes. This is due in large part to the potentially huge financial gains that can be made from the Internet with relatively little risk. The report goes on to examine the different tactics and tools used by these cyber criminals, and future areas of attack.

Some of the report's most compelling highlights include:

-The FBI estimates that cyber crime cost about US0 billion in 2004.

-In an investigation, codenamed "Operation Firewall," US and Canadian authorities arrested 28 people from six countries involved in a global organised cyber crime ring. They operated websites to buy and sell credit card information and false identities. They bought and sold almost 1.7 million stolen credit card numbers. Of these stolen credit cards, financial institutions have estimated their losses to be US.3 million.

-The use of pseudonyms or online identities provides an anonymity that is attractive to criminals. Sources estimate that perhaps only 5 per cent of cyber criminals are ever caught or convicted.

"The McAfeeVirtual Criminology Report paints a clear picture of the growing threats and criminal actions taking place via the Internet," said Jimmy Kuo, research fellow with McAfee AVERT. "It is imperative that companies, government agencies and consumers alike take notice of this expanding class of criminals and take the appropriate actions to secure their networks and personal computers."

Cyber criminals are stealing identities by extracting personal identification information or credit information from a company's database and affecting thousands of consumers. They can also extract a company's own financial information or steal valuable intellectual property. While viruses began as a means for hackers to demonstrate their prowess, they have become the leading delivery vehicle for attack by cyber criminals.

The goal of many cyber criminals is to infect thousands of computers and turn them into a network of devices that have been compromised by worms or viruses and attack in unison on command. Those who succeed in creating such a 'bot-net,' now have access to a very powerful tool for crime. Such access has become easier, as spammers, hackers, and other cyber criminals are able to acquire or rent bot-nets -- some owners will rent their bot-net for US0-0 an hour. Bot-nets are crucial to executing distributed denial of service attacks, spam and phishing scams, which makes them the growing weapon of choice for fraud and extortion.

In its early stages, the Internet was designed mainly for a finite group of users who used it as a way to exchange ideas and information among a relatively small community. The value and impact of Internet activities has escalated dramatically with its continued commercialism and expansion. In 2004, e-commerce reached US billion in the US, an increase of 24 per cent over 2003.

The report credits the growth of online banking and commerce as part of the draw for cyber criminals. It discusses the many ways that criminals take advantage of vulnerabilities in networks and computers to gain access to valuable information, such as personal identification information, financial data and intellectual property.

Growth in cyber crime is also attributed to the anonymity and global connectivity, which enables cyber criminals from all over the world to engage in traditional crimes such as extortion, drug-running or pornography on a global stage. Simultaneously, the study reports that while cyber criminals become more advanced, today's law enforcement agencies are struggling to keep pace, as many lack the necessary tools to operate effectively in cyberspace.






About McAfee Inc
McAfee, Inc., headquartered in Santa Clara, California and the global leader in Intrusion Prevention and Security Risk Management, delivers proactive and proven solutions and services that secure systems and networks around the world. With its unmatched security expertise and commitment to innovation, McAfee empowers home users, businesses, the public sector, and service providers with the ability to block attacks, prevent disruptions, and continuously track and improve their security.

To view website go to http://www.mcafee.com


Issued on behalf of McAfee Inc by Euan Barty Associates

For further information please contact

Milly Kuo
McAfee
T: 886 2 2717-1999 ext 2038
E: milly_kuo@mcafee.com

Carrie Tsoi
EBA
T: (852) 2537 8022
E: carrie@eba.com.hk





Company Profiles powered by ITReseller.com