In The News

Indictment Shows A Cybercrime Ring As Organized As Any Company

Wall Street Journal Pro Cybersecurity

12 Feb 2018

The U.S. Department of Justice’s indictment naming 36 individuals from the self-titled group Infraud Organization revealed new details on the industrialization of cybercrime, though the phenomenon is nothing new according to Morrison & Foerster’s Global Risk & Crisis Management chair John P. Carlin in the Wall Street Journal Pro Cybersecurity article “Indictment Shows A Cybercrime Ring As Organized As Any Company.”

Criminals long have operated Amazon-like marketplaces on the dark web, complete with a five-star rating system for the quality of credit cards and other forms of personal data for sale by criminals, he said. They operate call centers to process ransomware demands and operate across international boundaries. They continue to grow the business of cybercrime at a rapid pace, he said.

“Cybercrime as a business is highly segmented. Markets exist for everything -- for people who are good at putting in malicious code, or who specialize in marketing stolen data to others who know how to devise great schemes for using that data,” he said. “It’s a multi-billion dollar market. As long as it continues to operate and be that lucrative, offense is going to outstrip defense.”

On how companies can combat the threat, Mr. Carlin advised by creating their own cooperative channels with other companies and with law enforcement organizations. They can cooperate through official information-sharing organizations, such as the Information Sharing and Analysis Centers associated with industries including finance, automotive and health care.

Close
Feedback

Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.