The growing threat of cybercrime and Interpol’s response

The increase in cybercrime has become a global issue that requires everyone’s attention. According to Interpol Secretary General Jurgen Stock, the global cost of cybercrime will reach $10.5 trillion by 2025. Less than 1% of global illicit financial flows have been intercepted and recovered, which is cause for greater concern. It is what emerged during the Interpol’s 90th General Assembly, held last October in New Delhi. The General Assembly is the supreme governing body of Interpol and meets once a year to make key decisions regarding its operations. The Assembly saw the participation of delegations from 195 Interpol member countries, including ministers, police chiefs, heads of national central bureaus, and senior police officials.

Additionally, the Global Crime Trends Report highlights the increase in online exploitation and sexual abuse of minors, a problem that is expected to continue to grow. However, these crimes are significantly underreported due to victim shame, has stated the Interpol Secretary General. Law enforcement agencies around the world are overwhelmed with data and often do not have the capacity to handle the volume of cases, which is where Interpol is in a unique position to provide the necessary support.

According to the Clusit 2022 Report, there were 2,049 serious cyber-attacks recorded globally in 2021. This is an increase of almost 10% from the previous year, with a monthly average of 171 attacks, the highest ever recorded, despite established regulations. The attacks classified by researchers occurred in 45% of cases still in the Americas, but have grown towards Europe and Asia.

To address these crimes, Interpol has developed its global payment blocking mechanism, the Anti-Money Laundering Rapid Response Protocol, which has helped members recover more than $60 million in criminal proceeds from cyber fraud in just the last 10 months. It is extremely relevant for law enforcement and governments to work together to protect citizens and prevent these crimes.

Author(s): Livia DI BERNARDINI (AGENZIA PER LA PROMOZIONE DELLA RICERCA EUROPEA)

References:

Interpol, 90th INTERPOL General Assembly, https://www.interpol.int/News-and-Events/Events/2022/90th-INTERPOL-General-Assembly

Piermario Boccellato, Cybercrime, Stock (Interpol): “Costo globale di 10,5 trillioni di dollari entro il 2025”, CybersecurityItalia, https://www.cybersecitalia.it/cybercrime-stock-interpol-costo-globale-di-105-trillioni-di-dollari-entro-il-2025/21462/