Tuesday, November 29, 2005

Cybercrime bigger than drug trafficking

This is a sobering statistic - proceeds from cybercrime in 2004 topped $105B. Global cybercrime generated a higher payback than drug trafficking in 2004 and is set to grow even further as the use of technology expands in developing countries, a security expert said today.

No country is immune from cybercrime, which includes corporate espionage, child pornography, stock manipulation, extortion, phishing and piracy, said Valerie McNiven, who advises the U.S. Department of the Treasury on the problem. “Last year was the first year that proceeds from cybercrime were greater than proceeds from the sale of illegal drugs, and that was, I believe, over $105 billion,” McNiven said. “Cybercrime is moving at such a high speed that law enforcement cannot catch up with it.”

CATEGORIES: 1cybercrime, 1crime, 1stats,1legal
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