Internet crime economy seems to be booming as a report shows that cybercrime activities generate at least $1.5 trillion annually as only four percent of the proceeds laundered through cryptocurrencies.
The report “Into The Web of Profit: An in-depth study of cybercrime, criminals and money” researched and written by Dr. Mike McGuire, says illicit and illegal online markets are now the most lucrative cybercriminal form of revenue generation, constitution over 50 per cent of total revenues of cybercrime.
According to the report, illicit and illegal online markets generate an estimated $860 billion annually while theft of trade secrets and other IP generate approximately $500 billion, constituting around 35 per cent of cybercrime revenues.
The report showed that the use of stolen data as an object of trade and commerce remains a vibrant part of the cybercrime economy, constituting around 11 per cent of total revenues generating $160 billion annually.
As a lower-risk activity, the report notes that the use of stolen data as an object of trade and commerce may now be more attractive than the original theft itself.
Cybercrime-as-a-Service (CaaS) and ransomware which can represent high-yield revenue options for individual cybercriminals, however represent lower single categories of revenue generation, with each contributing less than one per cent of total revenues respectively.
CaaS, according to the report generates an estimated $1.5 billion annually while ransomeware which is revenues derived from extortions based on encrypting data and demanding payments generate approximately $1 billion annually.
The report notes that the claim that ransomware represents one of the most lucrative cybercrimes may hold in the case of individual attacks, but the overall revenues remain low in comparison to other categories.
As with any criminal endeavour, the increasing profits made from cybercrime require increasingly complex ways of laundering or disposing of them.
The report said “evidence suggests that cybercriminals have become increasingly adept at deploying traditional methods of laundering, such as: illicit uses of the legitimate banking system, money mules, shell companies, and wire transfers.
Complementing (and sometime used in conjunction with) these are innovative, more digitally-focused methods of laundering, such as the use of online payment systems like PayPal; cryptocurrencies like Bitcoin; or even online gaming currencies.
But the use of cryptocurrencies for laundering purposes has quickly acquired a reputation that far Share this: