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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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Hackers threaten to reveal 'secret' data linked to 9/11 attacks. Wikimedia Commons

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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Kim Jong-Un And Donald Trump To Meet In late February

The White House has not confirmed the location of the next Trump-Kim summit

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Donald Trump
President Donald Trump talks with Kim Yong Chol, left, former North Korean military intelligence chief and one of leader Kim Jong Un's closest aides, as they walk from the Oval Office at the White House in Washington, June 1, 2018. VOA

The White House has announced that a second summit between U.S. President Donald Trump and North Korean leader Kim Jong Un will be held at the end of February, at a place to be announced “at a later date.”

The announcement was made after Trump met Friday with Kim Yong Chol, North Korea’s top nuclear envoy in the Oval Office, which the White House said was to “discuss efforts to get Pyongyang to give up its nuclear program.”

Trump’s meeting with the former North Korean spymaster, who often is referred to as Kim Jong Un’s right-hand man, lasted 90 minutes.

After the meeting, Press Secretary Sarah Sanders told reporters the administration is continuing “to make progress” on this front.

“The United States is going to continue to keep pressure and sanctions on North Korea until we see full and verified denuclearization,” Sanders said, adding they have seen “good faith from the North Koreans in releasing the hostages and other moves.”

Earlier on Friday, Kim Yong Chol met with Secretary of State Mike Pompeo at a Washington hotel. The meeting’s aim was to revive nuclear negotiations, which have been postponed for months over what U.S. officials say is Pyongyang’s refusal to meet Washington’s demand for a detailed inventory of its nuclear and missile programs.

North Korea, Summit
U.S. Secretary of State Mike Pompeo escorts Kim Yong Chol, North Korea’s lead negotiator in nuclear diplomacy with the United States, into talks at a hotel in Washington, Jan. 18, 2019. VOA

The latest announcement is being met with some skepticism by analysts about whether enough progress has been achieved in the negotiations to justify a second summit.

There is a “missing ingredient,” said Scott Snyder, senior fellow for Korea Studies at the Council for Foreign Relations. “Is there some kind of understanding behind the scenes, even at the framework level, that provides a basis or justification for going forward that simply can’t be seen based on public evidence today?”

Snyder said that from Trump’s perspective, a second summit is to be expected because the first summit generated “good ratings.” He noted, however, that in order for a second summit to be successful, “the bar will be higher.”

Denuclearization

On several occasions Trump has expressed his confidence about North Korean denuclearization.

“With North Korea, we have a very good dialogue,” the president said Jan. 6, adding that it’s “very special” and that with “anybody else but me, you’d be in war right now.”

USA, Trump, North Korea
A man looks at a TV screen showing North Korean leader Kim Jong Un, left, and U.S. President Donald Trump shaking hands before their meeting in Singapore, in Tokyo, June 12, 2018. VOA

But critics point out that Pyongyang has not taken measurable steps toward disarmament since the first Trump-Kim historic summit in Singapore last June.

At the United Nations on Friday, U.N. Secretary-General Antonio Guterres encouraged both countries to continue talks.

Also Read: Human Rights Situation in North Korea Needs Reforms

“We believe it’s high time to make sure the negotiations between the United States and the Democratic People’s Republic of Korea start again seriously and that a road map is clearly defined for the denuclearization of the Korean Peninsula,” Guterres told reporters. “We won’t advocate for any anticipation of other measures before a clear negotiation is put in place, aiming at denuclearization of the Korean Peninsula with a road map.”

The White House has not confirmed the location of the next Trump-Kim summit, but American media reports have quoted sources as saying that Danang, Vietnam, is being discussed as one of the likely venues. (VOA)