Cyber Criminals Love The UK

The UK is a prime destination for hackers to spend and launder dirty money, according to Charlie McMurdie, the former head of the Met Police’s cybercrime unit.

In a speech at Datto‘s cyber security summit for MSPs this week, McMurdie said London is particularly attractive for cyber criminals seeking to cash out the proceeds of their crimes.

“If you’re making millions from cyber-crime you don’t want to be in the back of beyond, where you can’t spend your lovely cash and bitcoins,” she said. “You want to be in the UK where you can go down to Harrods and Knightsbridge.”

McMurdie, who left the Met in 2013, said the speed at which British banks transfer money is another reason cyber criminals gravitate towards the UK. 

“If you’re making loads of money, you need to bounce it around the banks, to launder that cash,” she said. “In the UK, it doesn’t take two days to move money from A to B.”

“The only bad side for cyber-criminals is our banks are good at recognising these transactions and they’re also pretty hot at working with law enforcement,” she added. 

In recent years, the UK has been named the top target for cyber criminals in Europe. While McMurdie said Brits are a prime target for hackers, citing affluence and the prevalence of tech, she cast doubt on the claim.

“We’re more cited on what’s actually happening, how it’s happening, the scale of the problem, perhaps than our European and international counterparts,” McMurdie suggested. “Perhaps our other partners are suffering the same sort of issues, but pushing them under the table, not sharing that information and not reporting it as much.”

Research conducted by a criminologist at Surrey University earlier this year revealed that cyber-crime now generates $1.5tn (£1.1tn) annually. By the same estimates, if cyber-crime was a country, it would have the 13th highest GDP in the world.

New Statesman

You Might Also Read: 

Cybercrime Costs Londoners £26m Every Month:

UK Police Ignore Most Cyber Crime:

« AI Is Re-Inventing IT
Cybrary and Cybersecurity Collaborative Form New Strategic Partnership »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

The PC Support Group

The PC Support Group

A partnership with The PC Support Group delivers improved productivity, reduced costs and protects your business through exceptional IT, telecoms and cybersecurity services.

Directory of Cyber Security Suppliers

Directory of Cyber Security Suppliers

Our Supplier Directory lists 7,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

LockLizard

LockLizard

Locklizard provides PDF DRM software that protects PDF documents from unauthorized access and misuse. Share and sell documents securely - prevent document leakage, sharing and piracy.

TÜV SÜD Academy UK

TÜV SÜD Academy UK

TÜV SÜD offers expert-led cybersecurity training to help organisations safeguard their operations and data.

NextLabs

NextLabs

NextLabs provides data-centric security software to protect business-critical data and applications.

Cyber Data-Risk Managers

Cyber Data-Risk Managers

Cyber Data-Risk Managers Pty Ltd is an insurance broker based in Melbourne, Australia specializing in Cyber insurance / Data breach insurance.

Devo Technology

Devo Technology

Devo Security Operations is a next-gen cloud SIEM that enables you to gain complete visibility, reduce noise, and focus on the threats that matter most to the business.

Computer & Communications Industry Association (CCIA)

Computer & Communications Industry Association (CCIA)

CCIA supports efforts to facilitate and streamline information sharing on cyber threats between the private sector and the Federal Government.

Preempt Security

Preempt Security

The Preempt Platform delivers adaptive threat prevention that continuously preempts threats based on identity, behavior and risk.

CSO GmbH

CSO GmbH

CSO GmbH provide specialist consultancy services in the area of IT security.

WebSec

WebSec

WebSec is a cybersecurity firm based in Amsterdam (NL) and Wyoming (US), specializing in offensive security services including penetration testing, red teaming, and tailored security assessments.

Vention

Vention

Vention (formerly iTechArt) is the partner of forward-thinking tech leaders around the globe.

Resecurity

Resecurity

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

Vectra AI

Vectra AI

Vectra threat detection & response - see and stop threats across hybrid and multi-cloud enterprises.

Astrill VPN

Astrill VPN

Astrill VPN is a Seychelles based Virtual Private Network(VPN) Company.

Xobee Networks

Xobee Networks

Xobee Networks is a Managed Service Provider of innovative, cost-effective, and cutting-edge technology solutions in California.

Theos Cyber Solutions

Theos Cyber Solutions

Theos Cyber provides service-first cybersecurity solutions to digital businesses in Asia.

Intellinexus

Intellinexus

Intellinexus turns data into actionable insights to revolutionise decision-making in your business.

Acumen

Acumen

Acumen's cyber security engineers protect your critical systems, in critical moments. We are here when you need us most.

CODA Intelligence

CODA Intelligence

CODA's AI-powered attack surface management platform helps you sort out the important remediations needed in order to avoid exploits on your systems.