2.2.1. Cybercrime
Bank robber Willie Sutton (1901–1980) is reported to have said that he robbed banks “because that’s where the money is.” As money dematerialised into the ones and zeros of the digital world, it should not be surprising that crime has followed it into the digital world.
The only international instrument to address this topic is the Council of Europe
Convention on Cybercrime (2001). It is open to accession to all countries, and in early
2013, only 39 countries have ratified or accessed the Convention and 10 more have signed the convention but not ratified it. (the United Nations has 193 Member States.)
The estimated but unconfirmed amount of cybercrime amounts to hundreds of billions of dollars a year. It is likely that some cybercrimes are not reported by the victims to avoid undermining public and shareholder confidence. Such crimes take place across borders and the perpetrators can, and do, place technical and legal barriers to their detection, arrest, extradition and trial
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