(MENAFN- Khaleej Times) The rapid expansion of social media has enabled hackers to closely cooperate and group with each other to launch measured attacks, an industry expert said in Kolkata on Saturday.
"The cybercrime scenario is turning murkier day by day... and social media is providing a fantastic platform for these people (cyber criminals)."
"Cyber criminals may not know each other but when they see money, they share their capabilities," R. Vittal Raj, international vice president of Information Systems Audit and Control Association (ISACA) told IANS on the sidelines of a company event here.
He said despite organisations and chief information officers putting in their best efforts to combat hackers, the cyber criminals are coming up with new strategies to find loopholes in the IT system.
"A new type of threat called Advance Persistent Threat (APT) has emerged where the hacker is patient and takes his own time to understand the system, waits for the right opportunity and finally attacks in a major way," he said.
Raj said there has been a phenomenal jump in cyber-attacks since 2013, compared to 2012.
"We are seeing size and complexity of attacks never seen before... this is a new trend in organised crime...," he said.
Anti-virus major McAfee has estimated the cost of malicious cyber activity in 2013 to be in the range of $300 billion to $1 trillion.
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