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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.
Hackers are usig new techniques to rob users' data and money. 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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Iran Alleges Twitter of Blocking Legitimate Accounts

Twitter specifically said it had suspended 284 accounts with ties to Iran for "coordinated manipulation

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Twitter blocking legitimate accounts, alleges Iran. Pixabay

Iran appers to be unhappy with the way Twitter is cracking down on fake accounts as the country’s Foreign Minister has alleged that the microblogging site is shutting down accounts of “real” Iranians while letting anti-government bots to thrive.

Addressing Twitter CEO Jack Dorsey, Iranian Foreign Minister Mohammad Javad Zarif on Sunday said that the accounts of “real” Iranians blocked by Twitter include those of some TV presenters and students, CNET reported.

“Hello @Jack. Twitter has shuttered accounts of real Iranians, (including) TV presenters & students, for supposedly being part of an ‘influence op,'” Zarif wrote in a tweet.

“How about looking at actual bots in Tirana used to prop up ‘regime change’ propaganda spewed out of DC? #YouAreBots,” he went on to say in the same tweet, referencing Albania’s capital.

Twitter
Twitter on a smartphone device. Pixabay

Facebook and Twitter came under the radar of investigators for their alleged failure to prevent spread of divisive news stories on their platforms in the lead up to the US presidential election in 2016.

The social media giants last month announced they had collectively removed hundreds of inauthentic pages, groups and accounts linked to disinformation campaigns.

Also Read- Asthma Ups The Chance of Obesity: Study

Twitter specifically said it had suspended 284 accounts with ties to Iran for “coordinated manipulation”, the CNET report said. (IANS)

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