The ever-weakening job market could lead to an increase in online crime as laid-off workers, especially those with computer skills, turn to scams to support themselves, according to Cisco.

Disgruntled employees may target their former employers, and Cisco warns that insiders "can be especially damaging for an organisation because insiders know security weaknesses."

A former IT analyst at the Federal Reserve Bank of New York was arrested in April along with his brother on suspicions of taking out loans using false identities.

FBI investigators found a flash drive attached to the bank employee's computer with applications for $73,000 in loans in the names of stolen identities, Cisco's mid-year security report claims.

Cisco warned companies that use short-term IT consultants or who contract out the tasks to "be particularly vigilant about the level and term of their access to sensitive data."

The report includes snippets of a conversation with a botmaster. The hacker declines to say how much he earnes but says "a guy I know" can earn $5-10K weekly, by phishing bank accounts."

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