Cybercrime now operates like a business. Its goods and services may be illicit, but it is highly organized, complex, driven by profit, and globally interconnected. This talk examines the underground economy and how it works. In particular, it seeks to make sense of the strategies cybercriminals use to build a thriving industry in a low-trust environment characterized by a precarious combination of anonymity and teamwork. It is based on 7 years of fieldwork in cybercrime hotspots around the world, including in Russia, Ukraine, Romania, Brazil, Nigeria, China and the USA. The core source of data is interviews with almost 250 law enforcement agents, security professionals and former cybercriminals.