Why Cybercrime Is Still a Major Problem
Despite the huge advances in digital technology we have seen in recent years, Cybercrime continues to be a major problem. With data breaches, hacking, and fraudulent charities causing widespread harm to the public, it is clear that cybercriminals continue to exploit weaknesses in our online security systems.
The internet’s speed, convenience and anonymity provide criminals with low-risk, high-reward opportunities for profit. Vulnerabilities in hardware and software, poor user attention to security and lack of adequate regulation and enforcement by nation-states make computer-based variations of traditional crimes, such as theft, fraud and money laundering, easier to carry out. In 2020, for example, ransomware attacks on hospitals and other critical services rendered many of them unavailable.
Cybercriminals work together. They develop specialized skills, which they trade on online marketplaces. Using the internet’s ability to conceal identities, they are often able to trust each other. Criminals may also use escrow services when they carry out large transactions. An escrow service holds the payment (and sometimes the goods too) until everything checks out, a function not unlike that of a mafia “guarator” or middleman.
While it is easy to think that cybercrime is a new frontier, it is actually a manifestation of basic human behavior. Unless we take steps to strengthen our security systems, cybercriminals will continue to attack us from the dark side of the web. For businesses, this can mean downtime and loss of funds. For individuals, it can result in identity theft and credit rating issues.