What Is Cybercrime and How Does It Affect Your Business?
Cybercrime is a broad term, encompassing many different types of criminal activity that use the Internet to further illegal ends. This type of crime can occur across national boundaries and is unique from traditional crimes in that it takes place within a planet-spanning network where criminals hide behind layers of anonymity.
Whether it’s transaction fraud, ransomware or investment scams, the financial impact of cybercrime is skyrocketing. The emergence of crime-as-a-service (CaaS) platforms has dramatically lowered the barrier to entry for attackers, with even amateur hackers able to launch sophisticated attacks using rented tools like malware kits, botnets and phishing campaigns.
In addition to the financial loss, organizations face damage to reputation and loss of investor awareness resulting from a security breach. For example, if a company’s customers or employees find out that personal data was stolen, they may lose trust in the brand and could sue for damages.
In addition, some cyberattacks have more pernicious intent, such as attempts to disrupt critical infrastructure or to harm a government’s image in the eyes of the public. This type of attack is called cyberterrorism. In some cases, it is motivated by political ideology, while others have purely profit-oriented motives.