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Cybercrime Economy Generates $1.5 Trillion a Year

Monday, August 6, 2018

RSA CONFERENCE 2018 – San Francisco – If cybercrime was a country, it would have the 13th highest GDP in the world. Attackers generate $1.5 trillion in annual profit, which is about equal to the GDP of Russia, according to a new study on the interconnected economy of cybercrime.

"Into the Web of Profit," among the first studies to explore the intricacies of revenue and profit in the world of cybercrime, was conducted by Dr. Michael McGuire, senior lecturer in Criminology at England's University of Surrey. Over nine months of study, he learned how the "economy" of cybercrime sustains itself and overlaps with the legitimate economy.

This wasn't the original intent behind the Bromium-sponsored study, which began with the idea of learning where cybercriminals spend their money. "It turned into a huge piece of research, which looks at the whole of how money flows around the cybercrime system," says McGuire. The report pieces together conversations with global organizations, security workers who have infiltrated the Dark Web, international police forces, and of course, the criminals themselves.

DARK READING, 04.20.2018

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