Cyber crime is Costing Businesses Big Time – and a New DIY Approach Could Make Things Worse


In “Economic Impact of Cybercrime – No Slowing Down”, A report published in February 2018 by McAfee and the Center for Strategic and International Studies, it informs that cybercrime is costing businesses across the globe as much as $600 billion. 

"The digital world has transformed almost every aspect of our lives, including risk and crime, so that crime is more efficient, less risky, more profitable and has never been easier to execute," says Steve Grobman, Chief Technology Officer for computer security at McAfee.

Although data in a previous report suggested that Ransomware may be on a downward trend, this new report suggests that Ransomware is still the fastest-growing tool for digital crime.  With over 6,000 illegal marketplaces selling Ransomware online, the security risk may only become more popular as contractors can now outsource their Ransomware attacks to willing criminals.

The study also suggests that the service of cyber criminals contracting hackers or programs has become more refined as clients can choose anything from custom malware attacks to botnet rentals.  And with the popularity of cryptocurrency rising, it is a lot easier for criminals to make money.

So how can we fight this trend of DIY Ransomware?  The report suggests that creating standard practices to learn and fight against the problems would allow businesses, schools, hospitals and any of those who are affected by these brutal cyber crimes to better protect themselves

You can read the report here.

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