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Cybercrimes cost businesses $600 billion globally: McAfee report

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted.

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Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage. Wikimedia Commons
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Cybercrimes have cost businesses close to $600 billion globally — or 0.8% the global GDP — which is up from $445 billion reported three years back, a report said on Thursday.

The report by the global cybersecurity firm McAfee, prepared along with the Centre for Strategic and International Studies (CSIS), said that over the last three years, cybercriminals have quickly adopted new technologies to ease the process of engaging in cybercrimes.

“Ransomware-as-a-Service Cloud providers efficiently scale attacks to target millions of systems, and attacks are automated to require minimal human involvement,” Steve Grobman, Chief Technology Officer for McAfee, said in a statement.

Also Read: Indian companies more prone to cyber attacks

“Add to these factors cryptocurrencies that ease rapid monetisation, while minimising the risk of arrest, and you must conclude that the $600 billion cybercrime figure reflects the extent to which our technological accomplishments have transformed the criminal economy as dramatically as they have every other portion of our economy,” he added.
The report, titled “Economic Impact of Cybercrime — No Slowing Down”, said that banks remain the favourite target for cybercriminals.

McAfee, Inc. is an American global computer security software company.
McAfee, Inc. is an American global computer security software company. Wikimedia Commons

Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.

“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,” said James Lewis, Senior Vice President at CSIS.

“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 centres, including not only North Korea but also Brazil, India and Vietnam,” Lewis added.

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted. (IANS)

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Heavy Cyber Attacks From Russia, US, China In India

These honeypots are developed to deceive even elite hackers and appear to be serving a specific purpose or organisation.

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A man holds a laptop computer as cyber code is projected on him in this illustration picture. VOA

India has been the target of over 4.3 lakh cyber attacks from five countries including China, Russia and the US while more than 73,000 attacks were initiated from India between January and June this year, says a Finnish cybersecurity company.

According to F-Secure’s honeypot data, Russia, the US, China, the Netherlands and Germany targeted India with 436,090 attacks. This is nearly 12 times more than which originated from India.

Honeypots are basically decoy servers that emulate the real IT environment of a business enterprise.

cyber attacks
Due to its nature, the chip is physically unclonable and can, thus, render the device invulnerable to hijacking, counterfeiting or replication by cyber-criminals. Pixabay

Russia accounted for most cyber attacks on India (255,589), followed by the US (103,458), China (42,544), the Netherlands (19,169) and 15,330 attacks from Germany.

On the other hand, the top five countries that were targeted by Indian cyber attackers were Austria, the Netherlands, the UK, Japan, and Ukraine — a total of 36,563.

F-Secure gave the break-up: Austria (12,540), the Netherlands (9,267), the UK (6,347), Japan (4,701) and 3,708 attacks targeted Ukraine’s businesses.

“The relatively higher number of inbound attacks on Indian honeypots reflects how the fast-digitising country is becoming more lucrative for global cyber criminals,” Leszek Tasiemski, Vice President of cyber security products R&D at F-Secure, said in a statement on Sunday.

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Experts: Cyber attacks Growing Increasingly Sophisticated. Pixabay

“We are gathering and analysing all the pertinent data to ensure that our customers stay protected given the dynamically evolving threat landscape,” he added.

To track these cyber attacks, F-Secure has deployed 41 honeypots across the globe.

“Our public honeypots are a valuable source of threat intelligence and an integral part of the infrastructure that powers our various security offerings, including our Rapid Detection and Response Service,” Tasiemski said.

Honeypots are set up explicitly to grab attention of attackers. They are used to gain critical insights on attack types, popular targets, sources, volume and TTPs (Tactics, Techniques and Procedures).

Such insights are collected by deliberately allowing potential attackers to gain unauthorized access to the emulated services of a server and then studying the attack path to the point that the attacker realizes it is a honeypot, F-secure said.

Also Read: U.S. Government Warns People Against China-Linked Hacking Group

These honeypots are developed to deceive even elite hackers and appear to be serving a specific purpose or organisation.

They enable F-Secure to collect the latest malware samples or shell scripts and new hacking techniques.

The research data is then processed to further benefit F-Secure customers via product enhancements and threat intelligence reports. (IANS)