Fergie's Tech Blog

OSCE: Cyber Crime as Destructive as Credit Crisis

A Reuters newswire article, via eWeek, reports that:

Cybercrime is likely to wreak as much havoc as the credit crisis in the coming years if international regulation is not improved, some of the world's top crime experts said on Wednesday.

Damage caused by cybercrime is estimated at $100 billion annually, said Kilian Strauss, of the Organization for Security and Cooperation in Europe (OSCE).

"These criminals, they outsmart us ten, or a hundred to one," Strauss told Reuters, adding more internet experts were needed to investigate and tackle cybercrime.

Criminal organizations are exploiting a regulatory vacuum to commit internet crimes such as computer spying, money-laundering and theft of personal information, and the scope for damage is vast, experts told a European Economic Crime conference in Frankfurt.

posted by Fergie @ 11/19/2008 01:33:00 PM