Cybercrime is one of the fastest-growing threats to security today. Cybercrime can be relatively easy to perform. People don’t need extensive skills. Such criminals can also be difficult to catch. These factors make cybercrime quite attractive, and it doesn’t look to be slowing down anytime soon. Despite its simplicity, cybercrime has a high global cost. According to CSIS, cybercrime may cost the world $600 billion. Unfortunately this number will likely only continue to grow!

Cybercrime no longer has an effect on just local groups, but now impacts the global economy and international security. Thanks to globalization, individuals, communities, and countries are connected like never before. Criminal acts are more far reaching than they have been in the past. The following are just a few of the many different ways cybercrime has an impact.

Loss of Intellectual Property

In this digital age, many groups store their intellectual property online. This often leaves it unprotected against experienced criminals. People may be able to steal media that they don’t own the rights to and turn around and sell it, or share it. This hurts the original producer. They don’t receive any compensation. Although it may seem small, these cases add up and have a significant economic impact!

Reputation Damage

Companies that have been attacked will also suffer from damage to their reputation. If a group is hacked, their reputation will be negatively impacted. Their stock value may reflect this– it could drop in value! Most people are hesitant to invest in a company with security problems. Even if a group is equally as secure as its competitors, an attack will cause the public to view it as insecure.  

Opportunity Costs

Although it may not be one of the costs most people think about, opportunity costs also have an impact. When cybercrimes are performed, the victims not only lose information or money, but they also lose potential future opportunities. Cybercrimes can set companies back. They have to spend time and resources getting back on track.

In Conclusion

Cybercrime encompasses a wide variety of criminal acts including a loss of international property, damage to a group’s reputation, and the cost of future potential opportunities. Although cybercrime may conjure up thoughts on individuals suffering from identity theft, it actually offers a variety of threats to individuals, companies, and even governments. Cybercrime is a global threat with an international impact!