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Cyber Risks · Krebs on Security

Cyber Crooks Leave Traditional Bank Robbers in the Dust

Summary: FDIC examination specialist David Nelson said at RSA that online banking attacks against small and mid-sized businesses netted thieves $25 million between July and September of 2009, while FBI statistics show traditional bank robbers took slightly more than $9.4 million across 1,184 robberies in the same quarter a year earlier. Real-life robbers stole just over $30 million in the first three quarters of 2009, only $5 million more than cyber crooks took in the third quarter alone, and the FBI's detailed bank crime data has no federal counterpart for e-crime beyond one regulator's speech.

Bottom line: Cyber thieves pulled $25 million in a single quarter from small businesses while operating largely from countries beyond the reach of U.S. law enforcement, and the government publishes far more detail on physical robberies than on online heists - so the loss figures security leaders plan against may be a fraction of what is actually being taken.

Read the original at Krebs on Security ↗

Topics
Data Breaches
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