Cybercrime Is Now More Profitable Than Drug Trade Irfahn Khimji - TripWire
go to original April 4, 2015

As reported by the 2013 Europol Serious & Organized Threat Assessment, the “total global impact of cybercrime [has risen to] US $3 trillion, making it more profitable than the global trade in marijuana, cocaine and heroin combined.”

This growing cost of cyber crime partially reflects the different laws that define countries’ breach disclosure policies. For example, whereas the United States has mandatory disclosure laws, the European Union has none. European-based companies that have been affected by an incident, including TK Maxx, Loyaltybuild, Stay Sure and CEC Bank, are therefore under no obligation to notify their customers of an incident. This lack of visibility may limit the affected company’s incentives to invest in detection measures that facilitate a timely response.

Acknowledging these differences in breach detection and response, we took the opportunity to poll our webcast participants in an effort to gain an understanding of companies’ breach preparedness more generally.

First, we asked our participants how long they estimated it would take for them to detect a breach. The responses varied, but most disturbing was the fact that 37% of respondents said they were not confident in their ability to detect a breach at all.

This finding is not new, however. In its 2014 Data Breach Investigations Report, Verizon found that a data breach usually occurred within a matter of seconds or minutes after the attackers had successfully infiltrated a company’s computer systems. The attackers would then successfully begin exfiltrating the data only a few minutes thereafter.

Read the rest at TripWire

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