A crime wave festers in cyberspace

Tuesday, 28 January 2003, 12:09 PM EST

Cybercrime, long a painful side effect of the innovations of Internet technology, is reaching new dimensions, security specialists say. Spurred by a tightening economy, the increasing riches flowing through cyberspace and the relative ease of such crimes, technically skilled thieves and rank-and-file employees are stealing millions if not billions of dollars a year from businesses around the world, according to consultants who track cybercrime.

Thieves are not just diverting cash from company bank accounts, these experts say. They are pilfering valuable information such as business development strategies, new product specifications or contract bidding plans and selling the data to competitors.

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