Cyber Crime and Economy

     The continuous improvement in technology especially in business sectors, along with the explosive intensification of the social media and data connectivity has enduringly changed. Unfortunately, the advancement in technology, connectivity and internet access has also negative impact. It has empowered sophisticated criminals who operate behind radar [1].  Moore (2005) further cited that the digital media had caused operation of cybercrimes in which most are unnoticed and most organizations were unable to realize that they are being targeted by such types of crimes. This makes most of the electronic fraud and cyber crimes become the most threatening kind of crime that affects the economy[2].

      In 2010, it has been observed through the surveys conducted that there have been continuing cases of cyber crime that targeted some business sectors. There are more than 11% of those financial sectors suffered monetary losses of more than $1 million US dollar due to cyber crime[3]. More organizations perceived that cyber crime is increasing at a remarkably fast pace as compared to the reported concrete incidents. Furthermore, 48% of the CEOs in the most recent Global CEO Survey revealed that they were concerned with the threats caused by the cyber fraud and also with the lack of data security of the information technology employed in most business sectors[4].

    The e-commerce in United States has been faced with increasing threats of the cyber crime. Several studies have showed that scam, protection and privacy are the principal detriment of the progress in e-commerce[5]. It cannot be denied that most of the previously prevalent economic crimes have the present-day cyber versions. These crimes provide criminals greater payoffs with lesser risks. Among the common cyber crimes include hijacking and spoofing of websites, compromised online payment systems, and electronic money transfer.

    Nevertheless, though some organizations are already aware of the various types of threats caused by cyber crimes still there are many of them who do not really understand on the capabilities of the cybercriminals in accessing their system. They are never aware of the possible targets and of the real value of those targets in their organizations. Nevertheless, more and more companies continuously make critical data that are available to their administration, employees, vendors and clients on a massive amount[6]. Business companies also employ varied techniques in addressing cyber crimes such as high risk platforms which includes mobile devices and clouds due to its enormous benefits both on the economic and competitive aspects.

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1. Coleman, K.G. Cyber Intelligence: The Huge Economic Impact of Cyber Crime. 2011. Retrieved from: http://breakinggov.com/2011/09/19/cyber-intelligence-the-huge-economic-impact-of-cyber-crime/

2. Ibid., 3.

3. Lister, J. 2011. Impacts of Computer Cyber Crime. 2011. Retrieved from: http://www.ehow.com/list_6299041_impacts-computer-cyber-crime.html

4. Lister, J. 2011. Impacts of Computer Cyber Crime. 2011. Retrieved from: http://www.ehow.com/list_6299041_impacts-computer-cyber-crime.html

5. Coleman, K.G. Cyber Intelligence: The Huge Economic Impact of Cyber Crime. 2011. Retrieved from: http://breakinggov.com/2011/09/19/cyber-intelligence-the-huge-      economic-impact-of-cyber-crime/

6. Ibid., 11.