Home / News I have a News Tip

Cybercrime Losses Overestimated, Say Researchers

Don't miss a thing – sign up for CircleID Weekly Wrap newsletter delivered to your inbox once a week.

Cybercrime losses may be erroneously overestimated as most information available on cybercrime losses are derived from surveys, argue two researchers in a recent paper titled, "Sex, Lies and Cybercrime Surveys". Dinei Florencio and Cormac Herley from Microsoft Research examine some of the difficulties of forming an accurate cybercrime estimate by survey:

"First, losses are extremely concentrated, so that representative sampling of the population does not give representative sampling of the losses. Second, losses are based on unverified self-reported numbers. Not only is it possible for a single outlier to distort the result, we find evidence that most surveys are dominated by a minority of responses in the upper tail (i.e., a majority of the estimate is coming from as few as one or two responses). Finally, the fact that losses are confined to a small segment of the population magnifies the difficulties of refusal rate and small sample sizes. Far from being broadly-based estimates of losses across the population, the cyber-crime estimates that we have appear to be largely the answers of a handful of people extrapolated to the whole population. A single individual who claims $50,000 losses, in an N = 1000 person survey, is all it takes to generate a $10 billion loss over the population. One unverified claim of $7,500 in phishing losses translates into $1.5 billion."

Related topics: Cybercrime

 
   

Comments

To post comments, please login or create an account.

Related Blogs

Related News

Explore Topics

Dig Deeper

Afilias

DNS Security

Sponsored by Afilias
Afilias Mobile & Web Services

Mobile Internet

Sponsored by Afilias Mobile & Web Services
Verisign

Cybersecurity

Sponsored by Verisign

Promoted Posts

Now Is the Time for .eco

.eco launches globally at 16:00 UTC on April 25, 2017, when domains will be available on a first-come, first-serve basis. .eco is for businesses, non-profits and people committed to positive change for the planet. See list of registrars offering .eco more»

Boston Ivy Gets Competitive With Its TLDs, Offers Registrars New Wholesale Pricing

With a mission to make its top-level domains available to the broadest market possible, Boston Ivy has permanently reduced its registration, renewal and transfer prices for .Broker, .Forex, .Markets and .Trading. more»

Industry Updates – Sponsored Posts

Verisign Releases Q4 2016 DDoS Trends Report: 167% Increase in Average Peak Attack from 2015 to 2016

Verisign Q3 2016 DDoS Trends Report: User Datagram Protocol (UDP) Flood Attacks Continue to Dominate

Defending Against Layer 7 DDoS Attacks

Understanding the Risks of the Dark Web

i2Coalition to Host First Ever Smarter Internet Forum

Best Practices from Verizon - Proactively Mitigating Emerging Fraudulent Activities

Neustar Data Identifies Most Popular Times of Year for DDoS Attacks in 2015

The Framework for Resilient Cybersecurity (Webinar)

2015 Trends: Multi-channel, Streaming Media and the Growth of Fraud

Verisign Mitigates More Attack Activity in Q3 2015 Than Any Other Quarter During Last Two Years

Verisign's Q2'15 DDoS Trends: DDoS for Bitcoin Increasingly Targets Financial Industry

Announcing Verisign IntelGraph: Unprecedented Context for Cybersecurity Intelligence

The Deep Web and the Darknet - The Nether Regions of the Internet

Introducing the Verisign DNS Firewall

Verisign iDefense 2015 Cyber-Threats and Trends

Q3 2014 DDoS Trends: Attacks Exceeding 10 Gbps on the Rise

Tips to Address New FFIEC DDoS Requirements

Smokescreening: Data Theft Makes DDoS More Dangerous

MarkMonitor Named a Top Trusted Website in OTA's 2013 Online Trust Honor Roll

Mitigating DDoS Attacks: A Global Challenge