Ryan Flores Trend MicroJoey Costoya Trend MicroJonell Baltazar Trend Micro download slides (PDF)Nothing encapsulates the Web 2.0 concept more than social networking sites, providing a platform for users to connect, communicate, create and share. The existence of various social sites and the phenomenal growth they enjoy is testament to the acceptance and use of social networking sites as a communication platform, poised to overtake more traditional avenues such as email and instant messaging.For cybercriminals, this shift in platform usage presents a new vector for propagation and abuse. As more and more people communicate and use social networks, the more viable social networks become for malware distribution, ushering in a new breed of malware - Koobface - riding on the new platform.Koobface is a revolutionary malware, being the first to have a successful and continuous run propagating through social networks. This paper attempts to dissect Koobface - what it does, what makes it successful, how cyber-criminals are monetizing it, and up-to-date information on Koobface activities which will be presented in real-time.