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Russian cybercrime market contracted in 2012

Improved network awareness likely the cause

Considering the fact Internet enabled devices become cheaper every year, one would think that cybercriminals in digital hotbeds around the world would also be multiplying to capitalize on the rising number of newly connected web citizens. But cybercrime originating in Russia, one the most active havens in the world, actually contracted in 2012, says a report out from Group-IB.

According to Group-IB, “The report examines current information security threats, analyzes the trends in the cybercrime world, gives statistical assessments of the cybercrime market and forecasts regarding its change in the near future.”

The report showed that the cybercrime market fell by roughly 6 percent from 2011 to 2012, down from $2.06 billion to $1.94 billion. The primary source of the market contraction was a reduction in online banking theft. This was due in large part to successful targeting of criminal groups, the usage of antifraud software at backs, and increased monitoring of botnet monitoring.

While the overall amount of the market had contracted, Group-IB remarked that cyber criminals were becoming more brazen in their attacks, focusing more frequently on large financial firms and businesses. Tactics targeting point-of-sale hardware also increased between 2011 and 2012. 

Using figures that represented the average amount of cash lost to attacks, along with monitoring and penetrative tests that showed how frequently the attacks happened, IB was able to closely estimate figures for this market. More information on the calculation methods can be found on the report.

But while the report shows encouraging progress in Russia, the overall threat of cybercrime is still of major concern to all organizations. Government mandates like the Critical Infrastructure Cybersecurity Executive Order, signed by President Obama in February, are proof that GC and others at top levels need to be more vigilant about the risk of computer based threats.

Contributing Author

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Chris DiMarco

Chris DiMarco, Associate Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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