Security firm: Cybercrime is a booming business

Cybercrime pays, at least according to a recent study conducted by a Russian security firm. 

Stealing data is big business in Russia, where cybercriminals rake in about a third of the world’s black market earnings from cybercrime around the world.

Online fraudsters steal a total of $12.5 billion each year, according to Moscow-based IT security firm Group-IB, and $4.5 billion of that goes to hackers working in Russia.

Russian hackers are getting more sophisticated and organized, the firm says. In 2010, most cybercrime was carried out by isolated individuals, but now they’ve consolidated themselves into a few larger criminal organizations.

What it means for IT managers: There’s a lot of money to be made by stealing your organization’s data. As criminals become more sophisticated, the teams charged with protecting against security threats must do the same thing.

For more information, check out Group-IB’s infographic.