Cyber crimes have become a much more common occurrence in the recent years. They are alike normal crimes in the fact they are intended to harm others, but are conducted through a computing device. Cyber crimes are having an ever-increasing impact on society. Cyber crimes cause financial losses, intellectual property theft, and consumer/customer distrust. In recent years, large corporations and businesses are targeted in attempts to steal valuable information. Cyber attacks account for an estimated $445 billion of annual losses each year. This is nearly 1 percent of the global GDP (Nakashima and Peterson). Despite this significant number, society still fails to successfully manage this risk.
Many programs and organizations exist to stop the illegal use and sale of narcotics. Narcotics account for 0.9 percent of the global depreciation of the GDP while cyber crimes are at 0.8 percent of that figure and growing (Lewis and Baker 11). As a result, cyber crimes are becoming a serious economic threat. According to a recent study, the internet economy generates $2 to $3 trillion and increases annually. At this rate, cyber crimes are set to deprecate this value by 15-20 percent in the upcoming years (Lewis and Baker 7). Not only is …show more content…
From 2013-2015, approximately 3.5 billion accounts of personal information were compromised in the world due to “data security incidents” (Walker). That figure is nearly half of the world population. According to a survey conducted by Zach Walker, nearly 95 percent of respondents stated they would take legal action against the company responsible for their data loss. Further complicating matters for the company, nearly two-thirds stated they would not conduct business with the organization after losing their information (Walker). Losing trust in a corporation or business is detrimental to its’ growth and
Many programs and organizations exist to stop the illegal use and sale of narcotics. Narcotics account for 0.9 percent of the global depreciation of the GDP while cyber crimes are at 0.8 percent of that figure and growing (Lewis and Baker 11). As a result, cyber crimes are becoming a serious economic threat. According to a recent study, the internet economy generates $2 to $3 trillion and increases annually. At this rate, cyber crimes are set to deprecate this value by 15-20 percent in the upcoming years (Lewis and Baker 7). Not only is …show more content…
From 2013-2015, approximately 3.5 billion accounts of personal information were compromised in the world due to “data security incidents” (Walker). That figure is nearly half of the world population. According to a survey conducted by Zach Walker, nearly 95 percent of respondents stated they would take legal action against the company responsible for their data loss. Further complicating matters for the company, nearly two-thirds stated they would not conduct business with the organization after losing their information (Walker). Losing trust in a corporation or business is detrimental to its’ growth and