After 26 days, and almost 350 million e-mail messages, only 28 sales resulted -- a conversion rate of well under 0.00001%. Of these, all but one were for male-enhancement products and the average purchase price was close to $100. Taken together, these conversions would have resulted in revenues of $2,731.88 -- a bit over $100 a day for the measurement period or $140 per day for periods when the campaign was active. However, our study interposed on only a small fraction of the overall Storm network -- we estimate roughly 1.5 percent based on the fraction of worker bots we proxy. Thus, the total daily revenue attributable to Storm's pharmacy campaign is likely closer to $7000 (or $9500 during periods of campaign activity). By the same logic, we estimate that Storm self-propagation campaigns can produce between 3500 and 8500 new bots per day.

Under the assumption that our measurements are representative over time (an admittedly dangerous assumption when dealing with such small samples), we can extrapolate that, were it sent continuously at the same rate, Storm-generated pharmaceutical spam would produce roughly 3.5 million dollars of revenue in a year. This number could be even higher if spam-advertised pharmacies experience repeat business. A bit less than "millions of dollars every day," but certainly a healthy enterprise.

Of course, the authors point out that it's dangerous to make these sorts of generalizations:

We would be the first to admit that these results represent a single data point and are not necessarily representative of spam as a whole. Different campaigns, using different tactics and marketing different products will undoubtedly produce different outcomes. Indeed, we caution strongly against researchers using the conversion rates we have measured for these Storm-based campaigns to justify assumptions in any other context.

Spam is all about economics. When sending junk mail costs a dollar in paper, list rental, and postage, a marketer needs a reasonable conversion rate to make the campaign worthwhile. When sending junk mail is almost free, a one in ten million conversion rate is acceptable.

News articles.

• A talk by Tom Stracener of Cenzic on XSS
• A panel discussion on Privacy with a pretty broad group of security folks and some people in adjacent areas such as Law and Privacy proper.

1. What is Privacy?
2. What are a companies obligations to protect Privacy? Legal, Ethical, Moral, good business sense, etc.
3. How do companies, especially large ones that operate in multiple states or are multinationals, deal with all of the different privacy regulations?
4. How do we integrate Privacy concerns into security operations, secure development, etc.

1. Set a baseline policy that encompasses the vast majority of your requirements and implement it across the board. This way you don't have to continuously manage to specific privacy regulations as you've embodied them in your general policy.
2. Setting the privacy policies and controls around it is an exercise in risk management. People don't often look at writing policies as managing risk, but that is exactly what policies do.