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Financial crisis triggers cyber-crime surge

Panda Security has issued a security alert that reveals a direct correlation between the recent stock market volatility and the growth of new threats.

According to the global IT security vendor, the two are tied together much more closely than previously thought and as the recent stock market instability has accelerated, so has the volume of targeted cyber attacks and their relative impact on the economy over the last month and a half. In addition, analysts at Panda believe the recent spike in malware could be related to cyber-criminals now having fewer possible targets as a result of consolidation within the banking industry.

“When we began looking into the specific effects cyber-criminals had on the economy during times of duress we found a startling connection: the criminal economy is closely interrelated with the global economy,” says Jeremy Matthews, head of Panda Security's sub-Saharan operations. “Based on our extensive research and analysis of emerging malware patterns, we believe that criminal organisations are closely watching market performance and adapting as needed to ensure maximum profit.”

Read the full article on itnewsafrica.com.




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