News Insights: The Business of Organized Cybercrime: Rising Intergang Collaboration in 2018

The Business of Organized Cybercrime: Rising Intergang Collaboration in 2018

In 2018, IBM X-Force researchers observed organized cybercrime groups collaborating, rather than competing over turf or even attacking each other, for the first time. The report reveals that several top banking malware gangs are now working together to distribute and reap profits from Banking Trojans and other malware.

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A OneSpan expert offers perspective. According to John Gunn, CMO, OneSpan, “Hacking organizations have been collaborating for years and this has given them an advantage. However, very soon, banks will be able to collaborate in ways far beyond those used by criminal hacking organizations. Over the next few years, most FIs will implement anti-fraud platforms with AI that will use machine learning-based analyses of massive amounts of shared information from multiple FIs. This will enable the detection of new malware threats and previously hidden attacks in real time, and this will change everything.”