24 Apr 2012

Cybercrime Earned Russian-Speaking Hackers $4.5 Billion in 2011

Cybercrime has earned Russian-speaking hackers $4.5 billion in 2011, or 36 percent of the estimated global earnings of $12.5 billion that hackers claimed in 2011.

"The Russian cybercrime market is experiencing a period of dynamic transition from a quantitative state to a qualitative one, moving away from the chaotic model of the development of the cybercrime world," according to Group-IB, the cyber crime investigation group. Hackers are becoming more organized and more target-focused, mostly targeting online banking and phishing scams, it said.

Statistic shows that $942 million was scammed from online banking frauds, while spam raised an estimated $830 million. The study points out that harsher penalties should be enforced and law enforcement techniques should be more aggressive as well.

“Unlike in other countries where laws provide a clear conceptual apparatus stipulating severe penalties, Russian laws require significant improvements,” said Group-IB.  “Other countries devote a lot of attention to training law enforcement officers and court officials regarding the main issues of IT security, allowing them to make independent judgments on various aspects of cybercrime.”