New technology has enabled cyber-crime on an industrial scale | Curio

New technology has enabled cyber-crime on an industrial scale

14 mins | May 11, 2021

A decentralised dark economy makes cyber-crooks harder to catch. "'Ransomware is “the single biggest threat' in the organised-crime world, says Alan Woodward, a computer scientist at the University of Sussex who advises Europol, the EU's police agency. On April 29th Alejandro Mayorkas, America’s secretary of homeland security, described it as 'a threat to national security'. The damage is enormous. Maersk, a global shipping company, wrote down $300m in losses related to a ransomware attack in 2017. Travelex, a British currency trader, collapsed last year, with the loss of 1,300 jobs. An attack that took its systems down at the end of 2019 was partly to blame. Despite coughing up 285 Bitcoin — then worth around $2.3m — the firm lost about £25m that quarter. It attributed most of that to the attack."

publisher logo

From The Economist