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Sunday, October 2, 2022

How Chinese Cybercriminals Use Business Playbook to Revamp Underground

Because of its longevity and technical sophistication, the Russian cybercriminal underground has long been the benchmark for threat researchers focused on studying cybercrime tactics and techniques; there is a plethora of publications dedicated to analyzing its economy and hacking forums. However, only a handful of studies have centered on the emerging threats and trends from other, less prominent, cybercriminal undergrounds.

Recent data shows that the Chinese cybercriminal underground’s profits exceeded US$15.1 billion in 2017, while causing more than $13.3 billion worth of damage relating to data loss, identity theft and fraud. Over the years, the McAfee Advanced Programs Group (APG) has observed Chinese non-state threat actor groups gradually transform from small local networks targeting mostly Chinese businesses and citizens to large, well-organized criminal groups capable of hacking international organizations.

The development of commercial-scale exploit toolkits and criminal networks that focus on monetization of malware have amplified the growing risks of cybercrime in the Asia Pacific region to include a DDoS attack against the People’s Bank of China in December 2013, a $1 billion SWIFT hack against Bangladesh Bank in February 2016 and a $60 million theft from Far Eastern International Bank in Taiwan in October 2017, to name just a few.

Read more at McAfee

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The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

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