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Cork firm: How crooks use your password

Thursday, August 07 15:15:52

Security experts based in the Cork EMEA centre of global group, Trend Micro, today explained how the Russian gang that stole 1.2 billion passwords will use their ill-gotten gains.

Dervla Mannion, VP Trend Micro EMEA, warned Internet users of the various uses of how their personal data will be used by cybercriminals in the coming months.

"Once these credentials are stolen, in many cases, this information is sold as a commodity in the cyber underground, also known as The Deep Web, where they are bought and sold to be used for various fraudulent undertakings. From identity theft to outright looting of accounts, usernames and passwords can be circulated for some time before the victim becomes aware," she said.

Trend Micro researchers have been monitoring the Russian Underground market for quite some time, and publishing prices of goods and services sold within.

In its Cybercriminal Underground Economy Series, Trend Micro reveal how the cybercriminal underground is thriving and growing, as the number of victims continues to grow on the web. Motivated by money, cyber thieves are targeting anyone connected to the Internet around the globe.

"The scope of this data breach illustrates the depth and breadth of Internet users that are no longer safe from cybercrime. Attacks wherein websites are turned into watering holes to victimize visitors are growing exponentially. This Russian cybergang is formidable and the lasting effects of how this data will be used are yet to be uncovered. The Russian underground is a dangerous place for personal data and many victims will be impacted as passwords and account information are bought and sold for criminal use," said Tom Kellermann, chief cybersecurity officer, Trend Micro.

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