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News

Finjan backs Garlik report on cybercrime

Finjan Software : 11 September, 2007  (Technical Article)
Garlik report scope goes beyond online CNP fraud to address other significant areas of cybercrime
Finjan has applauded the release of the UK's cybercrime report from Garlik, the IT security consultancy.

According to said Yuval Ben-Itzhak, Finjan's CTO, one of the most worrying figures is the informed estimate that there were 207,000 online financial crimes in the UK alone during 2006 - an astonishing rise of 32 per cent on the year earlier.

'This rapid growth in online fraud is dominated by CNP (cardholder not present) crime, but CNP fraud still only accounted for 49 per cent of e-frauds during 2006, leaving a swathe of other cybercrimes to watch out for,' he said.

Ben-Itzhak added that there are clear parallels with Finjan's own quarterly Web security trends report, but the Garlik report is noteworthy since it spans a wide variety of issues, including ID theft, financial fraud, offences against the person, computer misuse and sexual offences.

'It's clear from the report that financial fraud is growing from a minor problem on the cybercrime horizon into a serious issue for the law enforcement agencies,' he said.

'It's interesting to note that Garlik reports there being 28.5 million adults in the UK now online, but it's also worth noting that the latest figures from Internetworldstats.com puts the global Internet user base at around the 1,173 million mark this year ' he added.

Against this backdrop, Finjan says that companies need to do everything in their power to protect themselves against financial cybercrime.

'The sheer scale of financial fraud on the Internet means that electronic crimes are now more prevalent than conventional fraud, meaning that the law enforcement agencies have a major battle on their hands,' he said.

Ben-Itzhak went on to say that, 'Because of this, it's clear that companies can no longer rely solely on the weight of the law to dissuade would-be electronic criminals. They need to install multi-faceted security systems on their IT resource to prevent the tidal wave of cybercrime causing them harm. "IT managers need to be aware of this latest evolution in crimeware, as Finjan's research confirms that attempts to pattern malicious code and create signatures, or to categorize known malicious sites, are clearly "too little, too late" when it comes to providing adequate protection to today's dynamic and evasive web threats. The way to detect modern malicious code is to be able to understand in real-time what the code intends to do, before it does it," concludes Ben-Itzhak.
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