IMPACTS OF CYBER CRIME: The impacts of a single, successful cyber attack can have far-reaching implications including financial losses, theft of intellectual property, and loss of consumer confidence and trust. Cybercrime continues to cause serious financial impact to economies -- to the tune of close to $600 billion. Every day, crimes are committed against leading companies which were thought to have top security protocols in place. Young people getting involved with cyber-crime could face: • A visit and warning from police or NCA officers Key Words: Crime, Cyber crime, Cyber criminal, internet, Fraud, Perpetrator Introduction Technology has integrated nations and the world has become a global village. Cyber crimes have emerged rapidly in the last few years and have major consequences. Law enforcement officials have struggled to keep pace with cyber criminals, who cost the global economy billions annually. The first step to fighting it is understanding its scope and reach. McAfee, an industry leader in device-to-cloud security, teamed up with the Center for Strategic and International Studies (CSIS) to study the global economic impact of cybercrime. The chapter explores the dynamics of the emerging problem of cybercrime in Nigeria. Cyberstalking: A very common type of cybercrime that some people don’t even recognize as a crime is that of cyberstalking. Without diminishing the effects of the exposure of sensitive customer information, cybercrime and data leaks can also have a negative impact on a company's competitive edge. Companies have to rethink how they collect and store information to ensure … In the literature there are various research studies on investigating the effects of cybercrime on the banking sector. As a business owner, it is your responsibility to … Knowledge : 3215: Knowledge of cyber actions (i.e. Effect of Cyber Security threats A cyber threats can cause major damage to your business and your personal life. Cybercrime, also called computer crime, the use of a computer as an instrument to further illegal ends, such as committing fraud, trafficking in child pornography and intellectual property, stealing identities, or violating privacy.Cybercrime, especially through the Internet, has grown in importance as the computer has become central to commerce, entertainment, and government. This loss may be caused by an outside person who … Cyber sex, unsolicited commercial communications, cyber defamation and cyber threats are included under content-related offenses. Cybercrime generates many headlines, with huge data breaches at major corporations and computing systems of government agencies being shut down for ransom. Effects Of Cybercrime And Social Media 984 Words | 4 Pages. The psychological damage caused by these losses can be considerable, especially in cases in which the perpetrator first began a romantic relation with the victim online and then went on to blackmail them. Summary: The term cyber crime involves using computers and Internet by individuals to commit crime. In this article, we take a look at the major causes and effects of cyber crimes in Nigeria as well as ways of combating the menace. Malicious cyber activity threatens the public’s safety and our national and economic security. The impact of cybercrime on your business is not only potentially damaging to your reputation but it could also be damaging to your intellectual property. This typically takes place with the use of social media and intimidates the victim. This is where people illegally hack into computers and networks to simply steal people’s information, such as; their identity (Weimann, 2004, p.1). Cyber Crime in Nigeria: Causes, Effects and Remedy. Knowledge of cyber laws and legal considerations and their effect on cyber planning. But cybercrime isn't just a major issue for big businesses and national governments. Common types of cyber crimes include cyber terrorism, identity theft and spam. Contact Caleb Diamond Media Relations Manager and Editorial Associate Tel: 202.775.3173 Knowledge : 3225 Cybercrime impacts nearly every location on the globe. Loss of Revenue : One of the main consequences of cyber crime on a company is a loss of revenue/income. Cyber-crime can impact businesses in more than just financial ways. Terri Howard works for FEI behavioural health, a company that … Cyber crime can involve botnets, computer viruses, cyber bullying, cyber stalking, cyber terrorism, cyber pornography, Denial of Service attacks, hacktivism, identity theft, malware and spam. Cyberterrorism is known for the merging of cyberspace and terrorism. Consider the effects of having an intellectual property like business ideas, marketing campaigns, or business expansion plans stolen or exposed. The major impacts of a security breach are as follows: You can lose your sensitive corporate information They could give a reader just a basic idea of the overall damage caused by illegal activities. DataEndure’s Digital Defense SOC-as-a-Service (SOCaaS) is an ideal solution for companies to augment their own security capabilities. Cyber criminals are doing every thing from stealing money, hacking into others computer, stealing intellectual property, spreading viruses and worms to damage computers connected on the internet and committing frauds. Since the turn of the century the evolving state of Cyberwarfare and Cybercrime; technologies, capabilities, and resources, has grown by leaps and bounds. Cybercrime has become the new normal and is greatly affecting the financial industry. causes, types and consequences of cyber crime in tertiary institutions in Zaria, Kaduna State. And if in any other research or business field it is somehow easy to define cause and consequence, in cybercrime it is not. The economy of most nations in the Cybercriminals target individuals as relentlessly as they go after large companies and organizations. Victims of cybercrime are suffering emotional trauma which can lead to depression, an expert warned . There is no specific offence of cyber-crimes like online bullying under Commonwealth legislation, but it is an offence to use a carriage service (telecommunications network) to menace, harass or cause offence under s474.17 of the Criminal Code Act 1995. According to a 2013 study conducted by the InfoSec Institute, cyber crime makes up a whopping 0.4% - 1.4% of the global GDP. 2 days before Christmas 2016, a … Sometimes mistakenly perceived as a victimless crime, cyber-criminals are causing their victims emotional, physical and financial trauma, an expert claimed at the (ISC) 2 Congress in Orlando, Florida, on September 12, 2016. 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