0-day vulnerabilities and cybercrime

This study analyzes 0-day vulnerabilities in the broader context of cybercrime and economic markets. The work is based on the interviews of several leading experts and on a field research of the authors. In particular, cybercrime is considered when involving traditional criminal activities or when military operations are involved. A description of different 0-day vulnerability markets - White, Black and Government markets - is provided, as well as the characteristics of malware factories and their major customers are discussed.