Technology has grown so fast that today everyone is living in a Cyberage with computers and internet impacting social life, the way of living and businesses. As a result of increase internet, network security involving Cybercrime has emerged and paused significant consequences. No one can deny that cybercrime is on the rise across the globe and getting worse year by year. Evidently, statistics indicate that over the last six years, there have been over 3 billion records breached. Experts in the area of technology have associated this growth with the increase in knowledge that increases the sophistication of cyber-attacks. Understanding the reason behind cybercrimes, benefits, and costs help the world be in a better position of addressing the issue.
The first step towards taking a better position on the increase in cybercrimes is first to understand why criminals attack in the first place. Financial gain has been ranked as the top reason why cyber attackers carry out their activities. Either directly or indirectly, they intend to make money out of these cybercrimes. They do this by targeting corporate information in a move to engage in the competition of companies against others. In some rare cases, cybercriminals want to seek recognition that they have knowledge and skills to defeat security.
The issue of cybercrime increase has gotten a lot of attention because of the adverse effects it has on the affected parties and the world at large. First, cybercrime is never treated as a lesser crime but as a more significant crime that is costly. Companies that are affected by cybercrimes such as viruses use a lot of cost in terms of millions and dollars to repair systems that have been affected. According to the new report, as at now, the cost of cybercrime stands at $600 billion making 0.8% of the global GDP. In comparison to the one obtained in 2014, all indications are that cybercrime is on high increase the cost seems to be doubling yearly. The most threatening part is the increased cryptocurrency hacks that seem to be leading to the theft of billions like in Tokyo and in Asia Pacific region that we have had over $200 billion lost.
Despite the challenges and disadvantages that come with cybercrimes, economic and technological experts allege that it provides high payoffs. It leads to the risk to payoff ratio since it is a low crime whose payoff is high. The high cybercrime payoffs are supported by the idea that a cybercriminal who is very smart is in a position to make over thousands or millions of dollars with no risk of arrest. The sophistication in cybercrime is also increasing as the crime increase especially for those who make it access payment systems that are secure and anonymized. However, the fact that cybercrime pays the criminals well does not satisfy the need to have the current level of cybercrime increase.
As we go forward, following the past trend experienced in increasing cybercrime, it is likely that the threat is bound to rise further. Economic and technological experts foresee a situation where more cybercriminals are going to attack the internet system. The cost associated with cybercrime is likely to go up to $6 trillion by 2022. The situation is expected to make cybercrime a significant economic threat that hugely benefit criminals compared to other major illegal businesses. Humans are also at risk as cybercrime increase as they are the primary target, not machines. Therefore, as cybercrime increases, the associated dangers are increasing drawing more attention to find a fast decision towards the issue.
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