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Russia censures EU’s sanctions extension

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Moscow: Moscow considered the European Union’s decision to extend sanctions against Russia, over its role in the Ukrainian crisis, “unfounded and illegal”, and will respond in kind, Kremlin spokesperson Dmitry Peskov said on Monday.

“Russia, naturally, considers these sanctions to be unfounded and illegal, and we have never been the instigators of sanction measures,” Peskov told reporters.

Moscow will act accordingly, he added, referring to the extension of the measures banning imports of European perishables.

“We reiterate, the reciprocity principle is the basis of our approach in the exchange of sanctions,” Peskov added.

The imposition of sanctions from Brussels on Russia “does not only prejudice the interests of economic activity participants in our country but also the interests of these countries, that is, interests of taxpayers of the European states”, the spokesperson said.

European Union foreign ministers agreed on Monday to officially extend the economic sanctions imposed on Russia due to its role in the eastern Ukrainian conflict until January 31, 2016, contingent upon full implementation of the Minsk peace agreement.

The foreign ministers of the 28 EU countries approved the measure at Monday’s meeting without discussion, as it had been agreed on previously on the ambassadorial level. (IANS)

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