The total revenue generated from online criminal activities in 2004 has surpassed that of drug trafficking and continues to surge as information technology becomes widely adopted in developing countries.
No country can be “immune” to the threats posed by the global network, which includes Internet espionage, child pornography, extortion, and illegal file sharing.
“Last year marked the first time that cybercrime revenues exceeded those of drug trafficking groups, with estimates suggesting they could reach up to $105 billion,” said Valerie McNiven, an advisor to the U.S. Treasury Department. “The tactics employed by these criminals are becoming increasingly sophisticated and constantly evolving, making it difficult for laws to keep up. For instance, phishing sites may only exist on the Internet for about 48 hours.”
He emphasized the connection between Internet crime and terrorism. “However, what is even more concerning is the lack of a robust cybersecurity system today. The reason is not due to our inability but rather a lack of funding,” McNiven acknowledged.
Other expanding threats online include human trafficking and the trade of obscene publications. Developing countries, lacking secure virtual financial systems, are becoming gold mines for criminals to exploit and control.