September EMEA #SecChat Recap – The Economic Impact of Cybercrime

As cybercrime continues to cause financial upset among both brands and individuals, it becomes increasingly critical to address the security measures necessary to suppress the impact it has on the global economy. In our September EMEA #SecChat, we discussed the state of global cybercrime and resulting economic damage. This discussion built on many of the key findings and takeaways from our recent study with DC-based think tank CSIS, Net Losses: Estimating the Global Impact of Cybercrime. Here are some of the highlights from the chat:

What is the difference between cybercrime & cyber espionage?

Our #SecChat kicked off with a focus on the divergence between cybercrime and cyber espionage. Several opinions among participants lined up with those of @securelexicon and @getwired, who claimed that cybercrime has a monetary focus, while cyber espionage focuses on intellectual gains. While both can cause significant damage on a global scale, the type of damage done by each remains unique. Not everyone agreed, however. For one, @Raj_Samani claimed that espionage falls under the larger umbrella of cyber crime. As well, @TGann_MFE suggested that the divide between cybercrime and cyber espionage is in no way black and white:

  What sectors are the most susceptible to cybercrime?

While participants agree for the most part that no sector is safe from cybercrime, a handful of opinions were shared concerning which industry is most vulnerable. @CyberCSIS expressed particular concern for the banking and high tech sectors, illustrating them as central targets for cybercriminals. Building on this point, @VirtualTal added that the healthcare and infrastructure industries are also at significant risk. Meanwhile, @Matt_Rosenquist took a simplified approach, stating that anyone with something of value is at risk. A sad reality, indeed:

  What can be done to stop cybercrime and lessen its economic impact?

To round out our chat, we asked participants to share their ideas regarding which actions should be implemented to better combat cybercrime. @Adam_K_Levin expressed that company transparency, monitoring and education are key for increasing safety in this arena.While several participants argued that complete freedom from cybercrime is unattainable, @Champagnie countered this by stating that the right tools do exist to mitigate cybercrime, and that awareness should be a central focus. Conversely, @bsmuir suggested that a new approach to government legislation, global ties and penalty enforcement could bring about sought-after security improvements:

 

Thank you to all who joined our September EMEA #SecChat! To see the full conversation on Twitter, check out the #SecChat hashtag, and be sure to follow @McAfeeBusiness to stay in the loop about on upcoming chats.

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