Tech Age Gives Rise to Cybercrime

Posted January 23, 2013 | By csponline

The Cyber Criminal and Criminal Justice

The 21st century Tech Age has given rise to a new breed of criminal: the cybercriminal. Armed with a one-click connection to numerous networks, accounts and sites, and hidden by cyberspace’s cloak of anonymity, cybercriminals have wreaked havoc on industries and economies around the world.

The Ponemon Institute, an information security research center, compiled a report released by Hewlett Packard in October 2012, suggesting that last year marked the third consecutive year of cybercrime increasing in both cost and frequency. The study shows that the cost of cyberattacks has increased by almost 40 percent while the occurrence of such crimes has more than doubled over a three-year period. A separate study by Norton, the popular Internet security developer, calculated the total annual cost of worldwide cybercrime at $114 billion. Deterring web-based criminal activity is a top priority of today’s leading industries as well as law enforcement.

The Cost of Cybercrime

The Ponemon Institute’s research highlights numerous points that illustrate the high cost of cybercrime. Companies don’t just lose dollars through cyberattacks; they also lose productivity and other resources that can adversely affect their bottom line.

More than 78 percent of cybercrime perpetrated against an organization each year consists of corrupt code, denial of service, stolen devices and malicious insiders.

Information theft and business disruption represent the highest external costs at 44 percent and 30 percent, respectively.

The average time to resolve a cyberattack is 24 days with an average cost of nearly $600,000.

Organizations that employ a security information and event management system realize a cost savings of over $1.5 million.

As technology dependency becomes more prevalent in organizations across a variety of industries, the need for security services is even more important to protect an organization’s property, resources and financial holdings.

Cybercrime Reaches Home

Big corporations and businesses aren’t the only ones who can fall victim to cyberattacks. Individuals with an online presence are just as likely to be targeted by hackers and cybercriminals. The 2011 Norton Cybercrime Report found that 69 percent of adults with an online presence have fallen victim to cybercrime during their lifetime. More than 1 million people are victimized by cybercrime every day, equating to 14 adults every second. The report also found that the rate of mobile attacks is dramatically increasing, as hackers opt for this vulnerable cyberspace when looking for easy targets.

There are measurable trends in cybercrime. Norton’s report identified males between 18 and 31 with mobile Internet access as the most susceptible demographic to cyberattacks, as 80 percent of this demographic has been targeted by cybercriminals. Computer viruses are the most common type of cybercrime, as 54 percent of respondents reported they were affected. Online scams followed at 11 percent and phishing messages struck 10 percent of respondents.

People can protect themselves from becoming a cybercrime victim by taking precautions and tightening security settings on their computer and online networks. Consider following these guidelines to secure your home computer and personal networks.

Install antivirus software: The easiest way to keep your computer protected is to install antivirus software to help guard against cyberattacks. It is also important to keep these programs updated to ensure effectiveness.

Create a unique password: Weak passwords can be a hacker’s ticket inside your computer, including personal files, records and finances. It is recommended that passwords be at least eight characters with a combination of upper and lowercase letters, numbers and symbols. Change up your password for each site for added security.

Monitor your accounts: Logging in to your accounts on multiple computers could create a breach in your security system. Foreign computers could be infected with malware and viruses that could wreak havoc on your personal security.

Don’t store passwords online: Keeping a list of different passwords is a great way to ensure you remember your login information; however, avoid storing these passwords on your hard drive, as hackers could access your computer’s files and discover a treasure trove of usable information. Keep a handwritten list in a safe place in your home.

Avoid downloading files from the Internet: Downloading files from the Internet can open your computer to a host of viruses and could give hackers access to your personal information. If you are downloading files, be sure you are using a trusted and reputable source.

Turn your computer off: People want instant access to the Internet when they log in to their computer; however, this could be leaving your home computer open to cyberattacks. Take the time to turn your computer off when you are done using it to sever the connection between your computer and hackers.

The interconnectedness of the Internet makes everyone a vulnerable victim to hackers and other cybercriminals. Protect yourself against unscrupulous behavior by following the above guidelines, and consider the real cost of cybercrime before you log on.

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