Computer Crime is Big Business

By: Arieanna Schweber | 6/17/2015

Google engineer and computer security expert Justin Schuh was recently interviewed by Business Insider’s Jillian D’Onfro on the state of cybercrime and how the shift from “hacktivism” to “big business” has dangerous implications for data security.

"There’s a lot of money behind hacking now," Schuh told Business Insider in an interview. "And the attackers are getting better because there is money behind it — the motivation to succeed isn't just personal gratification."

The article notes the shift from hacking to prove a point, or make the news, to hacking strictly for profit. The cyber black market was already worth more than the global illegal drug trade in 2014, and the value of breached data continues to climb, particularly in sectors such as healthcare (read the reasons why here). Internet analyst Mary Meeker notes that cyber attacks are growing bigger and faster than ever before. Cyber crime is “very big business,” an industry unto itself.

“People are trying to build up large botnets so that they can either sell out access to them for denial of service attacks or use them to funnel spam. It really has become its own industry,” notes Schuh.

Not only is cyber crime growing, it’s now more sophisticated, such as the monitoring of keystrokes and search requests. As hackers get better, it's up to security vendors and organizations to match pace as well. At Absolute, our advice is always to adopt a layered approach to data security. This holistic approach considers layered technology solutions, internal processes and user education as the foundations to protecting data.  By reducing the impact of employee mistakes and negligence, and layering solutions, your sensitive data can be protected by a defense-in-depth strategy. Read more about how to do this here and contact us to learn how we can help.

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