Tax Free Criminal Cyber Profits Reveal Economic Hierarchy
- We conducted an independent, academic study into how much money cybercriminals are earning and what they spend it on.
- The findings are part of a larger eleven-month study titled Into the Web of Profit, sponsored by Bromium.
- The report is free and you can reserve your copy here.
This is part one of a two-part series based on our project, Into the Web of Profit. Part two will be published tomorrow!
This comprehensive study research reveals how income maps just like you might expect, creating a hierarchy that approximates the ranges we see for people who aren’t criminals – with a huge exception. Cybercriminals don’t have to pay taxes on their income! And that stings when you consider some of these bad guys are making bank – pushing their annual earning level to heights that would normally trigger higher tax rates.
High earners
make up to two million dollars (£1.4 million) annually,
which is almost as much as a FTSE250 CEO.
Mid-level criminals
make up to $900,000 (£639,000) annually,
which is more than double the salary of the President of the United States.
Entry level hackers
make $42,000 (£30,000) annually,
which is significantly more than the average U.K. graduate and less than an average U.S. graduate.
“Every time someone pays a ransom, they are participating in The Web of Profit,” says Gregory Webb, CEO of Bromium. “Cybercrime is a lucrative business, with relatively low-risks compared to other forms of crime. Cybercriminals are rarely caught and convicted because they are virtually invisible.”
“As criminals further monetize their business allowing anyone to buy pre-packaged malware or hire hackers on demand, the ability to catch the king-pins becomes even more challenging,” Webb continues. “The cybersecurity industry, business and law enforcement agencies need to come together to disrupt hackers and cut off their revenue streams. By focusing on new methods of cybersecurity that protect rather than detect, we believe we can make cybercrime a lot harder.”
Further findings will be released during the RSA Conference in San Francisco. Dr. McGuire will present the full findings during his speaker speaking slot on April 20th from 09:00-09:45 AM on the Security Mashup track – code MASH-F01. He’ll also do short theater presentations in the Bromium booth located in the South Hall (in the back), booth #641.
Into the Web of Profit is a nine-month academic study by Dr. Mike McGuire, Senior Lecturer in Criminology at Surrey University. It draws from first hand interviews with convicted cybercriminals, data from international law enforcement agencies, financial institutions, and covert observations conducted across the Dark Web. Get the free report: Bromium.com/cybercrime.
About Dr. Mike McGuire: Dr. Michael McGuire joined the Department as Senior Lecturer in Criminology at the University of Surrey, U.K. in September 2012. Dr McGuire read Philosophy & Scientific method at the London School of Economics where he acquired a first-class BSc Econ and he completed his Ph.D., at Kings College London. He has subsequently developed an international profile in the study of technology and the justice system and has published widely in these areas. Contact: [email protected].
Want more research! Visit our research page to learn how protect-to-detect and blaming end users isn’t solving today’s security problems.
The post Tax Free Criminal Cyber Profits Reveal Economic Hierarchy appeared first on Bromium.
*** This is a Security Bloggers Network syndicated blog from Bromium authored by Jennifer Carole. Read the original post at: http://blogs.bromium.com/tax-free-criminal-cyber-profits-reveal-economic-hierarchy/