How Cybercrime Affects Businesses and Consumers
Whether through email viruses, malware, hacking, or other online attacks, Cybercrime is a growing problem that causes significant loss for businesses and consumers alike. Some governments are looking to address the issue by introducing laws and penalties to deter criminal activity. Others have created specialised units to fight cyber crime.
The costs of cybercrime are difficult to quantify. However, the cybersecurity company McAfee estimates that businesses are paying a price of $10.5 trillion a year for dealing with hackers. This cost is likely to be passed on to consumers through higher prices for goods and services.
It can also lead to damage to investor perception, which may reduce the value of shares in a business and make it harder for companies to raise funds in the future. In addition, cyberattacks can cost businesses in the form of lost productivity and lost revenue.
Cybercriminals can benefit from the global nature of the Internet, which allows them to operate across national borders. This can make it very hard for law enforcement agencies to track them down. However, many international law enforcement organisations, such as Europol (the European Union’s agency for police cooperation) and INTERPOL (International Criminal Police Organisation), are collaborating to share resources and intelligence on cybercrime investigations.
In general, the crimes committed via the Internet are transaction-based rather than victim-based, such as advance fee fraud, money laundering, trafficking in child pornography and digital piracy. This type of crime is often motivated by financial gain, but can also be driven by antisocial or political goals.