Global cybercrime racket 'bigger than narcotics trade'

Increased use of mobile devices and social networking are major factors in a rising tide of planetary cybercrime, according to security software company Norton.

Cybercrime, valued at $388bn in 2010, is now bigger than the estimated $288bn global black market in illegal drugs, says the Norton Cybercrime Report 2010, once lost time caused by cybercrime is counted.

There were 42% more mobile vulnerabilities in 2010 compared to 2009 - a sign that cybercriminals are starting to focus their efforts on the mobile space, says the study. The number of reported new mobile operating system vulnerabilities increased, from 115 in 2009 to 163 in 2010.

The study identifies men between 18 and 31 years old who access the Internet from their mobile phone as the most likely victims: 80% have suffered cybercrime in their lifetime. 

Every second, 14 adults become a victim of cybercrime, resulting in more than one million cybercrime victims every day, says the study. 

Malware and viruses remain the commonest type of such electronic misery, followed by online scams and phishing messages. For instance, there are now over 280m different varieties of malware in circulation, a rise of nearly 20% in one year. 

"There is a serious disconnect in how people view the threat of cybercrime," said Adam Palmer, Norton Lead Cybersecurity Advisor. "Cybercrime is much more prevalent than people realize."

Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year.

Cybercrime cost the UK economy alone an estimated £27bn last year, according to the Office of Cyber Security.