Weekly News Roundup: July 26, 2013

In this week’s news headlines there were a few big numbers: $500 billion and 160 million. The former was the total impact to the global economy from cybercrime as reported by a new McAfee study, showing that cybercrime has now become the third most profitable criminal enterprise after piracy and drug trafficking.

The second was the total number of credit cards allegedly stolen by a ring of five individuals indicted in U.S. courts this week – the largest card fraud prosecution ever.

Lastly, a well-written article from Australia looks at the ongoing debate in that country about enacting a mandatory set of disclosure laws to help protect personal information, and hold companies accountable when that information is breached.

FOX Business – Report: Cyber Crime Costs Global Economy Up to $500B a Year – A new study says cybercrime costs the global economy $500 billion per year and is approaching the cost of drug trafficking.

Security Week – Five Charged in Largest Hacking Scheme Ever Prosecuted in US – A group responsible for the theft of at least 160 million credit cards has been indicted in the US.

Sydney Morning Herald – Data breach law essential to protect individuals – An editorial supports the pending legislation in Australia that would mandate public disclosure of data breaches.