For the 2016 fiscal year, President Obama officially proposed a $14 Billion dollar budget
dedicated to protecting the government from cyber crime.
Recently, there have been massive data breaches from many large companies.
So, who are these hackers, and what are they doing with the stolen data?
Computer hackers are people who use their computer coding knowledge to bypass security
measures on other machines or websites.
There are many reasons why they choose to hack, but oftentimes, it’s for profit.
Experts suggest that there are “robust economies” in places like Eastern Europe
for stolen information.
Social security numbers, credit card numbers and addresses are the most sought after information
on the black market.
According to the RAND report on cybercrime, “the black market can be more profitable
than the illegal drug trade”.
Research shows that retail stores and social media are even more targeted today than banks.
Some of the largest security breaches recently have affected household names in merchandise
suppliers and online sharing websites.
There is also cyber espionage.
In 2014, the FBI confirmed that China topped the list as the most prolific hacker-nation.
The Chinese government targeted American information systems and trade secrets, which they then
used to their own economic advantage.
In a landmark case in May 2014, the US formally charged five Chinese military hackers with
cyber espionage.
President Obama has called the cyber threat “one of the most serious economic and national
security challenges we face as a nation.”
At the top of the “FBI-Cyber’s Most Wanted List” are men and women from Eastern Europe,
Russia, China, and even the United States.
The top criminal, who posted fake ads online for cars that never existed managed to make
3 million dollars before the FBI shut down his operation.
He’s currently wanted for 1 million dollars.
A report from the Center for Strategic and International Studies, or CSIS, claims that
cybercrime costs the global economy more than 400 billion dollars annually.
The United States is one of the most targeted countries.
The CSIS also estimates that 200,000 American jobs are lost every year because of criminal
hacking.
There are way more Americans on terrorist watchlists than you might think, but do these
lists actually work how they’re supposed to?
Check out this video to learn all about it