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The Architecture of Illegal MarketsTowards an Economic Sociology of Illegality in the Economy$
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Jens Beckert and Matías Dewey

Print publication date: 2017

Print ISBN-13: 9780198794974

Published to Oxford Scholarship Online: August 2017

DOI: 10.1093/oso/9780198794974.001.0001

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Governance in Online Stolen Data Markets

Governance in Online Stolen Data Markets

Chapter:
(p.87) 5 Governance in Online Stolen Data Markets
Source:
The Architecture of Illegal Markets
Author(s):

Meltem Odaba¸

Thomas J. Holt

Ronald L. Breiger

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198794974.003.0005

We analyze the governance structure of online stolen data markets. As cybercriminal underground economies, stolen data markets are beyond the reach of state intervention, and yet they need form and regulation in order to function. While the illicit nature of the business brings risks to its participants, the online characteristics of these markets enable the participants to communicate easily, which is a crucial means of generating trust. We first identify stolen data markets in terms of their economic organization as two-sided markets, economic platforms with two distinct user groups that provide each other with network synergies. This characterization enables us to understand the role of the forum administrator as that of an intermediary, market creator, and market regulator. Then we clarify the role of communication networks and social structure in creating trust among buyers and sellers.

Keywords:   market governance, stolen data markets, underground economies, online markets, cybercrime, trust building, two-sided markets, forum administrator, communication network, control mechanisms

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