Cyber criminals make hay in recession

BANGALORE, INDIA: The global economic recession is proving to be a hotbed for fraudulent activity as cyber criminals capitalize on a climate of consumer fear and anxiety, warned security technology major McAfee, Inc.

According to its annual cyber security study released today, the threat of economic attack is diverting political attentions worldwide and cyber security is not enough of a priority around the globe for real headway to be made against the perpetrators of online crime.

In the report, the experts warned that unless significant resources are committed to international efforts to fight malicious cyber activity, there is a risk that cyber crime will impact consumer confidence, further hindering the speed of global recovery in 2009, said a press release.

The annual McAfee Virtual Criminology Report examines emerging global cyber security trends, with input from leading academics, criminal lawyers, law enforcement authorities and security experts across the world.

Russia and China have become key safe havens for cyber criminals while Brazil has become one of the fastest growing ‘scapegoat’ countries for cyber crime, the release said. Traffic is often re-routed as a decoy causing considerable misdirection in the origin of attacks.

This year’s report also identified challenges associated with cyber credit crunch, distraction of the governments as they focus more on issues pertaining to economic downturn, and the shortage of cyber cops among other issues.

“Cyber criminals are exploiting the global recession by luring in susceptible victims through the promise of easy money,” said Dave DeWalt, CEO and president, McAfee.

“While governments and law enforcement bodies’ attentions are diverted by the current economic crisis, the door is left open for cyber criminals to continue to target bank balances worldwide and to potentially damage the consumer trust needed to aid rapid recovery.”

He said governments need to commit to funding the resources needed to combat cyber crime, bureaucratic bodies need to be rationalized and harmonized and police forces need to be coordinated across boundaries.