Experts Debate Whether Cybercrime Profits Surpass Drug Trafficking

Iria · Dec 9, 2005, 02:33 AM

A statement that cybercrime proceeds amounted to more than $105 billion in 2004, made Nov. 28 during a banking security conference in Riyadh, Saudi Arabia by U.S. Treasury advisor Valerie McNevin, is sparking push-back from experts who aren't sure it's on the mark.

McNevin's claim was reported by Reuters and widely circulated. While no one disputes that the cost of cybercrime can be devastating, several experts are questioning the profit claims.

"This is just total bunk," Richard Stiennon, VP of Threat Research, wrote on on threatchaos.com.

Stiennon, a former vice president of research for Gartner Inc., has covered security topics extensively, is not alone.

Peter Andrews questioned the statement in published reports on complianceandprivacy.com.

"Frankly, the figures don't add up," Andrews, site community leader, said on a discussion forum linked to his article. "They make a sensational headline."
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Read More / Source: TechWeb

Dec 9, 2005, 02:33 AM	#1
Iria DriverHeaven Extreme Member Join Date: Apr 2004 Posts: 7,275 Rep Power: 89	Experts Debate Whether Cybercrime Profits Surpass Drug Trafficking A statement that cybercrime proceeds amounted to more than $105 billion in 2004, made Nov. 28 during a banking security conference in Riyadh, Saudi Arabia by U.S. Treasury advisor Valerie McNevin, is sparking push-back from experts who aren't sure it's on the mark. McNevin's claim was reported by Reuters and widely circulated. While no one disputes that the cost of cybercrime can be devastating, several experts are questioning the profit claims. "This is just total bunk," Richard Stiennon, VP of Threat Research, wrote on on threatchaos.com. Stiennon, a former vice president of research for Gartner Inc., has covered security topics extensively, is not alone. Peter Andrews questioned the statement in published reports on complianceandprivacy.com. "Frankly, the figures don't add up," Andrews, site community leader, said on a discussion forum linked to his article. "They make a sensational headline." _____________ Read More / Source: TechWeb