Threat Intelligence
5/4/2017
02:20 PM
100%
0%

Europe Pumps Out 50% More Cybercrime Attacks Than US

Cyberattacks originating from Europe were substantially higher than nefarious activity launched from the US during the first quarter.

Cybercrime attacks launched from Europe reached more than 50 million in the first quarter, double the volume coming out of the US, according to the ThreatMetrix Q1 Cybercrime Report released today.

And within Europe, Italy, France, Germany, and the UK accounted for half of all attacks originating out of the region, with the UK and Germany contributing the lion's share.

Europe's open borders that allow for residents of the European Union to freely travel among the member states and engage in such activities as opening bank accounts outside of one's home state make it easier than the US in committing cybercrime, says Alisdair Faulkner, ThreatMetrix's chief products officer.

Political and financial uncertainties in Europe, combined with the sizable number of organized crime rings and Internet-connected customers engaging in ecommerce, also contribute to the volume of cyberattacks that originate out of Europe, says Vanita Pandey, product marketing vice president at ThreatMetrix.

Target Countries

Europe's UK, Germany, France, and Italy -- along with the US -- focus their cyberattacks on the UK and the US, which were both listed among the top five attack destination for each of these countries in the report.

And within these four European countries, Ireland and Austria also made it in the top five attack destinations list.

"A lot of high-profile companies with a global footprint are based in Ireland," explains Pandey.

And as one would expect, among the top five destination targets were each of the countries' own home soil, with the exception of Italy. When it comes to cybercrime originating from Italy, that country did not make it among Italy's top five destination targets.

Cybercrime Growth vs. Transaction Growth

The research report also found that a total of 130 million cybercrime-related fraud attacks were detected in the first quarter, which was approximately 23% higher than the more than 100 million attacks detected and stopped by ThreatMetrix during the first quarter last year.

But when comparing this year's first quarter growth of this type of fraud - which includes account-creation fraud using pilfered identities to create new bogus accounts to payments fraud with stolen payment credentials via man-in-the-middle attacks and through malware - fraud attacks were 50% higher given the growth rate in the number of transactions during the same year-over-year period.

Faulkner says it's not surprising that the growth rate in fraud attacks is moving at a pace faster than the growth rate in transactions, such as mobile payments to online payments, but he noted that in some quarters that growth gap increases and decreases.

Regardless, Faulkner says, "this is something that is not going away."

Related Content:

Dawn Kawamoto is an Associate Editor for Dark Reading, where she covers cybersecurity news and trends. She is an award-winning journalist who has written and edited technology, management, leadership, career, finance, and innovation stories for such publications as CNET's ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: just wondering...Thanx
Current Issue
Security Operations and IT Operations: Finding the Path to Collaboration
A wide gulf has emerged between SOC and NOC teams that's keeping both of them from assuring the confidentiality, integrity, and availability of IT systems. Here's how experts think it should be bridged.
Flash Poll
New Best Practices for Secure App Development
New Best Practices for Secure App Development
The transition from DevOps to SecDevOps is combining with the move toward cloud computing to create new challenges - and new opportunities - for the information security team. Download this report, to learn about the new best practices for secure application development.
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2017-0290
Published: 2017-05-09
NScript in mpengine in Microsoft Malware Protection Engine with Engine Version before 1.1.13704.0, as used in Windows Defender and other products, allows remote attackers to execute arbitrary code or cause a denial of service (type confusion and application crash) via crafted JavaScript code within ...

CVE-2016-10369
Published: 2017-05-08
unixsocket.c in lxterminal through 0.3.0 insecurely uses /tmp for a socket file, allowing a local user to cause a denial of service (preventing terminal launch), or possibly have other impact (bypassing terminal access control).

CVE-2016-8202
Published: 2017-05-08
A privilege escalation vulnerability in Brocade Fibre Channel SAN products running Brocade Fabric OS (FOS) releases earlier than v7.4.1d and v8.0.1b could allow an authenticated attacker to elevate the privileges of user accounts accessing the system via command line interface. With affected version...

CVE-2016-8209
Published: 2017-05-08
Improper checks for unusual or exceptional conditions in Brocade NetIron 05.8.00 and later releases up to and including 06.1.00, when the Management Module is continuously scanned on port 22, may allow attackers to cause a denial of service (crash and reload) of the management module.

CVE-2017-0890
Published: 2017-05-08
Nextcloud Server before 11.0.3 is vulnerable to an inadequate escaping leading to a XSS vulnerability in the search module. To be exploitable a user has to write or paste malicious content into the search dialogue.

Dark Reading Radio
Archived Dark Reading Radio
In past years, security researchers have discovered ways to hack cars, medical devices, automated teller machines, and many other targets. Dark Reading Executive Editor Kelly Jackson Higgins hosts researcher Samy Kamkar and Levi Gundert, vice president of threat intelligence at Recorded Future, to discuss some of 2016's most unusual and creative hacks by white hats, and what these new vulnerabilities might mean for the coming year.