Cybercrime Pays: Valuing Data on the Dark Web

Tuesday, January 29, 2019 - 9:30 am10:00 am

Munish Walther-Puri, Terbium Labs


If data should be treated like money, how do we figure out how much it is worth? Often, it is only when that data is lost or compromised do we understand its true value.

Currently, the value of compromised or lost data is based on the consequences of a breach or major exposure: cost of remediation, damage to corporate reputation, drop in share price, or enforcement actions, legal settlements, and payouts. We acknowledge and understand that the fallout from lack of security is expensive, however, we need a better way to measure and evaluate compromised digital assets.

On the underground economy of the dark web, there is a "market cap" for stolen data, which can deepen our understanding of the value of the compromised data. The dark web is home to a resilient and thriving economy based on stolen, sensitive data, where fraudsters can buy and sell identities and account information with ease. This market prices the goods (data) and can help us estimate the cost to the economy. Cybercrime pays and data is the gateway good, an item of value in and of itself. The valuation of this data and market activity can quantify the effective harm caused by cybercrime, fraud, and identity theft.

Beyond fallout from data compromises and estimates of fraud losses, this talk aims explores the market for stolen and leaked personal and financial data: data pricing - including an examination of the value of data - the drivers of value, and the value chain associated with data trade.

Munish Walther-Puri, Terbium Labs

Munish Walther-Puri is the Chief Research Officer and Head of Intelligence Analytics at Terbium Labs, where he leads the strategy and operations of the company’s analysis, intelligence, and reporting.​ Prior to joining Terbium Labs, Munish founded Presearch Strategy, a ​firm dedicated to applying technology and analytics to geopolitical risk, strategic intelligence, and cybersecurity. He spent time at Citigroup, working on the intersection of fraud, cyber investigations, and terrorism. ​​​Throughout his career, Walther-Puri​ ​has​ ​worked​ ​as an analyst, consultant, and trainer in strategic intelligence and analysis​ ​at a bank, a big data analytics startup, political risk consultancies, and think tanks, including the Brookings Institution. He is an active member of the analyst and intelligence community, and a board member of Women 2.0.

@conference {226333,
author = {Munish Walther-Puri},
title = {Cybercrime Pays: Valuing Data on the Dark Web},
year = {2019},
address = {Burlingame, CA},
publisher = {{USENIX} Association},