The Economic Impact of Cybercrime
Cybercrime is a term that refers to crimes committed by people using computers and other digital technology. It is a growing global threat and it affects governments, businesses and individuals worldwide.
It can take many forms and can involve crimes such as fraud, cyber terrorism, computer-based threats to national security and criminal mischief. These types of crimes can be committed by a variety of individuals, groups, and nation-states.
The main motives of cybercriminals are financial gain, revenge and personal aggravation. They may also be motivated by social, political or religious beliefs or issues.
They often use malicious software and cyber tactics to carry out their attacks. This includes malware and denial of service (DOS) attacks, which can rob users of their computers and mobile devices.
A 2018 report by McAfee estimated the economic impact of cybercrime at nearly $600 billion a year. This could include loss of investor confidence, which can cause share price drops and affect businesses’ ability to raise capital.
In order to protect themselves against this risk, businesses need a strategy that incorporates defense-in-depth and a focus on protecting systems, networks and data. A well-trained staff is needed to keep systems secure and detect threats early on.