Microsoft Corp is getting ready to unveil a long-anticipated free anti-virus service for PCs that will compete with products sold by Symantec Corp and McAfee Inc. A Microsoft spokesman said on Wednesday that the world's biggest software maker is testing an early version of the product with its own employees.
Microsoft would "soon" make a trial version, or product beta, available via its website, he added, but declined to provide a specific date. Symantec shares fell 1.6 percent in afternoon trading and McAfee fell 1.8 percent, while Microsoft was up 1.1 per cent.
The Nasdaq composite index was down 1.2 per cent. Investors are closely monitoring the free service, code-named Morro after after Brazil's Morro de Sao Paolo beach, amid concern it could hurt sales of products from Symantec and McAfee, which generate billions of dollars of revenue a year protecting Windows PCs from attacks by hackers.
"It's a long-term competitive threat," said Daniel Ives, an analyst with FBR Capital Markets, though he added that the near-term impact was minimal. Microsoft has said that Morro will offer basic features for fighting a wide-range of viruses, which would likely make it comparable to low-end consumer products from Symantec and McAfee that cost about $40 per year.
Their top-selling products are security suites that come with features including encryption, firewalls, password protection, parental controls and data backup. Three years ago, Microsoft entered that market with Live OneCare, which turned out to be a commercial flop.
It announced plans in November to kill that product suite, saying it would launch the free Morro service by the end of 2009. Analysts said they are looking forward to examining Morro's beta to see exactly how its features compare to those in products from competitors. Microsoft has said it will provide protection from several types of malicious software including viruses, spyware, rootkits and trojans.
Officials with Symantec and McAfee have said they do not see Morro as a threat. Joris Evers, a spokesman for No 2 security software maker McAfee, said his company is already enjoying strong growth despite competition from free anti-virus products that are on the market.
"On a level playing field, we are confident in our ability to compete with anyone who might enter the marketplace," he said. A spokesman for Symantec, the biggest security software maker, could not be reached for comment. Trend Micro Inc, the No 3 player, declined comment.
Agencies
Showing posts with label security software. Show all posts
Showing posts with label security software. Show all posts
Thursday, June 11, 2009
Saturday, December 20, 2008
Internet's underground economy is worth $5 billion
Internet fraud has become a multi-billion dollar business with thieves stealing bank account information and credit card numbers and then selling them online.
Hi-tech thieves who specialize in card fraud have a credit line in excess of $5bn, research by the world’s largest maker of security software, Symantec, suggests .
Symantec calculated the figure to quantify the scale of fraud it found during a year-long look at the internet’s underground economy , according to reports.
Credit card numbers were the most popular item on sale and made up 31% of all the goods on offer. Coming in second were bank details which made up 20% of the items being offered on criminal chat channels. The $5.3bn figure was reached by multiplying the average amount of fraud perpetrated on a stolen card, $350, by the many millions Symantec observed being offered for sale. Similarly, the report said, if hi-tech thieves plundered all the bank accounts offered for sale they could net up to $1.7bn.
Symantec said it was likely that many of the cards offered for sale were invalid or cancelled and bank accounts closed but it added: “These figures are indicative of the value of the underground economy and the potential worth of the market.”
Credit card numbers have proved so popular among hi-tech thieves because they are easy to obtain and use for fraudulent purposes. Many of the methods favoured by cyber criminals, such as phishing schemes, database attacks and magnetic strip skimmers, are designed to steal credit card information , it said.
The existence of a ready market for any stolen data and the growing use of credit cards also helped maintain their popularity, it said.
“High frequency use and the range of available methods for capturing credit card data would generate more opportunities for theft and compromise and, thus, lead to an increased supply on underground economy servers,” said the report.
The price card thieves can expect for the numbers they offer for sale also varied by the country of origin. US card numbers were the cheapest because they were so ubiquitous — 74% of all cards offered for sale were from the US. By contrast numbers from cards issued in Europe and the Middle East commanded a premium because they were relatively rare.
Source: Agencies
Hi-tech thieves who specialize in card fraud have a credit line in excess of $5bn, research by the world’s largest maker of security software, Symantec, suggests .
Symantec calculated the figure to quantify the scale of fraud it found during a year-long look at the internet’s underground economy , according to reports.
Credit card numbers were the most popular item on sale and made up 31% of all the goods on offer. Coming in second were bank details which made up 20% of the items being offered on criminal chat channels. The $5.3bn figure was reached by multiplying the average amount of fraud perpetrated on a stolen card, $350, by the many millions Symantec observed being offered for sale. Similarly, the report said, if hi-tech thieves plundered all the bank accounts offered for sale they could net up to $1.7bn.
Symantec said it was likely that many of the cards offered for sale were invalid or cancelled and bank accounts closed but it added: “These figures are indicative of the value of the underground economy and the potential worth of the market.”
Credit card numbers have proved so popular among hi-tech thieves because they are easy to obtain and use for fraudulent purposes. Many of the methods favoured by cyber criminals, such as phishing schemes, database attacks and magnetic strip skimmers, are designed to steal credit card information , it said.
The existence of a ready market for any stolen data and the growing use of credit cards also helped maintain their popularity, it said.
“High frequency use and the range of available methods for capturing credit card data would generate more opportunities for theft and compromise and, thus, lead to an increased supply on underground economy servers,” said the report.
The price card thieves can expect for the numbers they offer for sale also varied by the country of origin. US card numbers were the cheapest because they were so ubiquitous — 74% of all cards offered for sale were from the US. By contrast numbers from cards issued in Europe and the Middle East commanded a premium because they were relatively rare.
Source: Agencies
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