By Nicola Staub
/tuː pɔɪnt ˈəʊ/
Adjective: used to denote a superior or more advanced version of an original concept, product, service, etc.
»A Nigerian Instagram star who boasted online about his lavish lifestyle of private jets, designer clothes, and luxury cars has been busted in a $431 million cyber scam.» NY Post headline, June 2020.
Good news! But is this the end of cyber-enabled criminality? Not so fast!
Arrests are the rare exception and loss prevention is only the tip of the iceberg. However, these successful outcomes highlight the primary trend in today’s criminal world — cybercrime pays and is increasing at a time when traditional crime typologies have hit historic lows.
To learn more, please read Global Cyber Alliance partner Thirdway’s in-depth research about the so-called Cyber Enforcement Gap. The results of this US study illuminate the vast scale of this globally-disruptive threat and reinforce that we are indeed living in the era of “a superior, more advanced version” of crime: crime 2.0 (see definition above).
Despite the collective efforts of the global cybercrime fighting community, it’s clear that the current response is inadequate to the task and that innovation is needed. So how can we tackle this industrialized and highly profitable operation that is predicted to cost 6 trillion USD in annual losses by 2021?
The Global Cyber Alliance (GCA) provides the means, motive, and opportunity for inspiring meaningful change towards a “cyber hygiene 2.0” which can only be achieved through collaboration. We need cross-sector, multinational, and intergovernmental initiatives in order to ensure a safer digital world for everyone. By developing and deploying practical, real-world solutions we can measurably improve cybersecurity and reduce cyber risk.
As a cybercrime prosecutor with first-hand knowledge and experience investigating cyber and online fraud cases, I recognized the limitations and need for “law enforcement 2.0.” GCA co-founder Manhattan District Attorney, Cyrus Vance, Jr., said it best: we need to “move justice forward.” The cross-border, mass-victim nature of cybercrime requires law enforcement agencies to adapt traditional crime-fighting models.
Modern crime fighting requires skilled police officers utilizing the latest technology. But combatting this ever-growing threat is a task too big for governments alone. That is why renowned organizations such as Interpol and WEF increasingly advocate for trusted public-private collaboration. We cannot afford to ignore these calls for change. Immediate action must be taken to reduce the Cyber Enforcement Gap by exploring alternative solutions that can significantly reduce cybercrime-related losses.
That is why cybera. global was launched. Our company is on a mission to fight financially-motivated cybercrime by using the latest technology to transform collaboration between law enforcement agencies and financial institutions with an innovative platform-based approach. With our first two solutions to effectively prevent and reduce victim losses being launched as pilot programs this year, we are at the forefront of a fast-paced, global journey of innovation and public-private cooperation towards cyber hygiene 2.0, towards law enforcement 2.0, and towards reducing crime back to 1.0.
Editor’s Note: The views expressed by the author are not necessarily those of the Global Cyber Alliance.