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At the opening of Interpol's European Regional Convention in Tel Aviv, the organisation's president Khoo Boon Hui said that some 10,000 cyber-attacks occur in Israel every minute. According to Khoo, terrorists and criminals are quick to utilize new technologies to carry out the attacks and that 80% of online violations are committed by crime organizations. He also suggested that in today's digital world, conventional theft is being abandoned in favour of the cyber variation, due to the lower risks and higher payoff. Banks in the US lose around $900 million a year to cyber-crime, and increased sophistication is required in order to get one step ahead over internet criminals.