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Analysis

Cybercrime Networks, Emulating Legit Businesses, Emerge as Growth Industry

According to Cybersecurity Ventures, this growth industry is set to cost businesses and consumers over $6 trillion annually by 2021.

Cybercrime networks are a growing threat to business. Cybercrime networks are a growing threat to business. (Source: Shutterstock)

At a time when the cybersecurity talent deficit is significant and the need for a skilled workforce steadily expanding come news of a related growth industry: cybercrime.

The latest edition of the Atlanta-based LexisNexis Risk Solutions Cybercrime Report, covering January-June 2019, provides insights from its Digital Identity Network and highlights a dramatic shift towards networked, cross-organizational and cross-industry fraud. The report (formerly published by ThreatMetrix, which LexisNexis Risk Solutions purchased in 2018) analyzed 277 million human-initiated cybercrime attacks, a 13% increase in fraudulent activity compared to the previous six months.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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