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Peter Schooff
Peter Twenty-Four Seven Security
Peter Schooff's blog is a daily look at what's going on in the world of computer security with an emphasis on how it affects businesses.

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September 20, 2007
Computer Crime Now Bigger Than the Worldwide Drug Trade

According to David DeWalt, the CEO of McAfee, companies continue to underestimate the threats from phishing, data loss, application security, and other vulnerabilities which now represent a 105 billion Dollar business, surpassing the worldwide drug trade. So I guess when you imagine Scarface today, just picture him in his massive Miami mansion and, instead of being armed with the biggest and baddest guns and weaponry, all he needs now is the latest laptop.

According to InfoWeek, DeWalt said, "it's amazing how low the awareness is of cybersecurity threats" among both government officials and corporate executives. "As the world has flattened, we've seen a significant amount of emerging threats from increasingly sophisticated groups attacking organizations around the world."

There have been recent high-profile data breaches at TD Ameritrade, Citigroup, and TJX, and computer crime now totals a 40 billion a year business. Says DeWalt: "If you rob a 7-Eleven you'll get a much harsher punishment than if you stole millions online," DeWalt remarked. "The cross-border sophistication in tracking and arresting cybercriminals is just not there."

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