WHAT ARE CYBERCRIMES? Introduction, Types, Safety Measures in 2020

WHAT ARE CYBERCRIMES? Introduction, Types, Safety Measures in 2020

Cybercrimes are on the rise with the rise in technology as almost all of us have access to the world at our fingertips. Now individuals, as well as companies of all scale, use mobiles, computers, and laptops for all their personal and professional use. Organizations ranging from a start-up to a world-renowned corporation, it is essential to have a seamless flow of information which requires systems like a computer network, Wide Area Network (WAN), domain and website. These networks are under a high-risk exposure to the world of hacking and hackers.
Hacking is a fraudulent act that is generally termed as privacy invasion, stealing corporate/personal data, Data breach, etc. Cybercrime Damages will be $6 Trillion by 2021 and therefore businesses need to protect themselves against such attacks.
Is hacking a crime
Hacking is classified as a Cybercrime. Cybercrime in laymen’s terms can be defined as crimes committed over the internet and some cybercrimes can also be carried out using Mobile phones via SMS and online chatting applications. There is a long list of illicit and unauthorized activities that are collectively termed as cybercrime. These illegal activities are carried out by the use of computers and networks to spread computer viruses, collecting private data, online bullying, performing unauthorized electronic fund transfers, etc.

IS HACKING A CRIME

Hacking is classified as a Cybercrime. Cybercrime in laymen’s terms can be defined as crimes committed over the internet and some cybercrimes can also be carried out using Mobile phones via SMS and online chatting applications.
There is a long list of illicit and unauthorized activities that are collectively termed as cybercrime. These perform illegal activities that are carried out by the use of computers and networks to spread computer viruses, collecting private data, online bullying, performing unauthorized electronic fund transfers, etc.

TYPES OF CYBER CRIMES

PRIVACY VIOLATION:

Intentional intrusion, physically or otherwise on his/her private affairs or concerns like exposing personal information such as email addresses, phone numbers, account details, personal/private data on social media, websites is an invasion of privacy. This is also called as doxing when one publishes private or identifying information of an individual on the Internet with malicious intent.

SHARING COPYRIGHTED FILES/INFORMATION:

This involves owning or unauthorized distributing of copyright-protected files such as eBooks, computer programs or music and movies over the internet. The copying, distribution or sharing of copyrighted works without permission is referred to as PIRATING or in the context of peer-to-peer networks ILLEGAL FILE SHARING.

DENIAL OF SERVICE ATTACKS:

(DoS) the attack is an attack meant to shut down a machine or network, making it inaccessible to its intended users. DoS attacks accomplish this by flooding the system of an individual or organization with traffic or sending it information that triggers a crash. This involves the use of computers in multiple locations to attack servers with the intention of shutting down the system.

IDENTITY THEFT:

Stealing someone’s personal information and impersonating that person for unauthorized fund transfers or data collection. The imposter obtains key pieces of personally identifiable information, such as Social Security or driver's license numbers, in order to impersonate someone else

ELECTRONIC FUNDS TRANSFER:

The electronic fund's transfer is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems. This crime involves gaining unauthorized access to bank accounts or bank computer networks in order to make illegal fund transfers.

ELECTRONIC MONEY LAUNDERING:

It is the process of disguising the proceeds of crime and integrating it into the legitimate financial system. This is the use of the computers to convert illegal funds or black money to a legal tender and the process includes include shell companies, offshore accounts, smurfing and fraudulent record-keeping.

COMPUTER FRAUD:

Intentional deception for personal gain, alter electronic data, or to gain unlawful to defraud people or organizations of resources through the use of computer systems.

ATM FRAUD:

ATM Frauds are evolving in the age of digitization and this involves intercepting ATM card details such as account number and PIN numbers. These details are then used to withdraw funds from the intercepted accounts.

SPAM:

Spam is electronic junk mail or junk newsgroup postings. Some people define spam even more generally as any unsolicited email or sending unauthorized emails. These emails usually contain advertisements or malware programs which when clicked may cause a data breach or create a system security threat within the mail as well as the system.

EFFECTS OF CYBERCRIME

An accurate estimate of losses due to cybercrime is difficult to assess accurately. In 2018, McAfee released a report on the economic impact of cybercrime that estimated the likely annual cost to the global economy was nearly $600 billion, up from $45 billion in 2014.
Cybercrime Damages will be $6 Trillion by 2021 and therefore businesses need to protect themselves against such attacks.
The financial losses due to cybercrime are significant and businesses can also suffer far worse consequences because of criminal cyberattacks.

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EFFECTS ON BUSINESS

Following a cyberattack, firms not only lose current customers, but they also lose the ability to gain new customers.

Customers lose their trust in a company and that company's ability to keep their financial data safe.

Drop in the value of a company due to a security breach that will damage the perception of the investor about the company.

Businesses will also be sued over the data breach. Loss of sensitive customer data can result in fines and penalties for companies that have failed to protect their customers' data.

The businesses might suffer from potential share price drops, businesses may also face greater difficulty in raising more capital and an increased cost for borrowing and as a result of a cyberattack.

A cyber attack will result in damaged brand identity and loss of reputation which will result in the failure of the organization.

Businesses will have to find direct costs for safety from a cyberattack. Cybercrimes including increased insurance premium costs and the cost of hiring cybersecurity companies for protection, response or prevention, as well as public relations (PR) and other services in case of an attack.

EFFECTS ON NATIONAL SECURITY

Cybercrimes will also have public health and national security implications, making computer crime one of the top priorities.

In the United States, at the federal level, the Federal Bureau of Investigation's (FBI) Cyber Division is the agency within DOJ that is charged with combating cybercrime.

Almost all countries see strengthening the security and resilience of cyberspace as an important aspect of their security needs.

Agencies such as the U.S. Secret Service (USSS) and U.S. Immigration and Customs Enforcement (ICE) have special divisions dedicated to combating cybercrime.

National security Agencies investigate cases that involve electronic crimes, particularly attacks on the nation's financial and critical infrastructures.

In the US the National Computer Forensics Institute (NCFI) provides state and local law enforcement, judges and prosecutors with training in computer forensics.

The data breach from a security agency will result in the loss of sensitive and classified data. The loss of top-secret documents will result in great national security implication

The Internet has become one of the integral parts of our daily life. It has transformed the way we communicate, make friends, share updates, play games, and shop. They are impacting most aspects of our day-to-day life.

CYBERCRIME SAFETY MEASURES
Internet connects us virtually with millions of online users across the globe. With the increasing use of cyberspace, cybercrimes such as cyberstalking, cyberbullying, cyber harassment, child pornography, rape content, etc. are also increasing rapidly. To stay safe against such crimes especially women and children in the online world, it is important to follow some safety measures which will help in making our online experience safe and productive:

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