Sophia wrote on Jul 20
th, 2024 at 5:07pm:
Goose wrote on Jul 20
th, 2024 at 3:15pm:
For those with typically juvenile analytical depth commenting on physical payment being too prone to theft when compared to Cyber-Payment
:
"
Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. This represents the greatest transfer of economic wealth in history,
risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined."
https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/ The trouble is…. It’s becoming more sophisticated and even intelligent prudent folk can be fooled.
Last night I attended a dinner out of a school class reunion, it’s something we do on a regular basis now… one told me of her friend, who was very intelligent, berieved recently losing her husband, was enquiring RE: the superannuation of about $150k
Someone from the company called her RE: transfer.
She did the right thing to phone the company and asked if the guy worked for them, she was assured he does work for the company.
What happened was this scammer was posing as the rep, had details and the name of the guy at that company. Sadly she lost the money. My friend telling me said it’s not just gullible people that are scammed.
I think what our exiting PM Malcolm Fraser was right with his warning…. Our money would be safer hidden under our mattress etc
Cyber-crime has grown to undoubtedly sophisticated enough levels to fool even highly alert and capable members of society. In reality they are sophisticated enough now to even fool "experts" in Cyber security itself. There has not been anywhere near enough spent on mitigation against and preparation for, system interference. Just wait until the first really expansive internet sub-sea cable attacks happen. We are not even close to being ready with fail-safe back up systems.
That aside however, I tend to also get drawn towards statements like this:
"This represents the greatest transfer of economic wealth in history"
What could that level of monetary empowerment mean for society generally, considering the beneficiary makeup? North Korea for example purportedly earns roughly 50% of it's income from Cyber-crime with an estimated work-force above 10 000 specialising in the field.