Cybercrime has bad influences in Growth of Internet Economy
Human development has resulted in the creation and development of technology for various reasons such as economic and social uses. The internet technology is one of the developments that has become so popular in the global society. Computers have made internet economy possible as multiple business activities were shifted online. Unfortunately, the growth of the internet brought about the evil of cybercrime that develops almost at a similar rate with internet technology. Cybercrime refers to the criminal activities that are perpetrated through the internet. It impacts the internet economy. damages competitiveness, trade, innovation, and overall economic growth. …show more content…
In this case, the latter refers to the businesses or trade carried out over the internet. Cybercrime affects the free flow of the online companies by hacking systems. It may be in the form of slowing down or denying an individual’s access to the internet, which affects the performance of the internet economy due to lack of transactions for a particular number of people and organizations. In fact, it is estimated that cybercrime causes about $400 billion losses annually (Center for Strategic and International Studies, 2013). It has been noted that cybercriminals thrive in their trade by ceasing the opportunity arising from the rising number of internet users and low barriers to market entry. The high demand for internet use has resulted in increased use of individual mobile phones and tablets that are less protected and provide the criminals with an easy target. Economically, the growth of the economy is developed through active participation of all the market participants, and with some of them having hacked devices, they are unable to contribute to the economy slowing its growth (Barton et al., 2013). Additionally, organizations that have their information stolen are unable to operate optimally and thus have reduced earnings that reduces the growth of the internet economy. One example of the cyber-attack is the Dyn attack that resulted in a short-term shutdown of websites stooping business and thus slowing the growth …show more content…
This issue is the most notable on developed countries where work is shifted away from those jobs that bring about most value. Firstly, with the increasing impact on GDP, many jobs are lost. In the United States of America alone, approximately 1% (200,000) jobs are lost each year due to cybercrime. Most of these jobs lost are in the internet-based industries which in return affects the internet economy. When jobs are lost, the growth of the economy slows down. What is more, job loss results to increased cybercrimes. Secondly, cybercrime results to shifting of the job from those that pay well to those that are low-paying (McAfee, 2014). Workers who are displaced from their jobs because of cybercrime are the primary victims. Shifting from high-paying jobs to low-paying jobs means that economic development decreases. Overall, the impact on the internet economy is mostly in form of reduced growth
Human development has resulted in the creation and development of technology for various reasons such as economic and social uses. The internet technology is one of the developments that has become so popular in the global society. Computers have made internet economy possible as multiple business activities were shifted online. Unfortunately, the growth of the internet brought about the evil of cybercrime that develops almost at a similar rate with internet technology. Cybercrime refers to the criminal activities that are perpetrated through the internet. It impacts the internet economy. damages competitiveness, trade, innovation, and overall economic growth. …show more content…
In this case, the latter refers to the businesses or trade carried out over the internet. Cybercrime affects the free flow of the online companies by hacking systems. It may be in the form of slowing down or denying an individual’s access to the internet, which affects the performance of the internet economy due to lack of transactions for a particular number of people and organizations. In fact, it is estimated that cybercrime causes about $400 billion losses annually (Center for Strategic and International Studies, 2013). It has been noted that cybercriminals thrive in their trade by ceasing the opportunity arising from the rising number of internet users and low barriers to market entry. The high demand for internet use has resulted in increased use of individual mobile phones and tablets that are less protected and provide the criminals with an easy target. Economically, the growth of the economy is developed through active participation of all the market participants, and with some of them having hacked devices, they are unable to contribute to the economy slowing its growth (Barton et al., 2013). Additionally, organizations that have their information stolen are unable to operate optimally and thus have reduced earnings that reduces the growth of the internet economy. One example of the cyber-attack is the Dyn attack that resulted in a short-term shutdown of websites stooping business and thus slowing the growth …show more content…
This issue is the most notable on developed countries where work is shifted away from those jobs that bring about most value. Firstly, with the increasing impact on GDP, many jobs are lost. In the United States of America alone, approximately 1% (200,000) jobs are lost each year due to cybercrime. Most of these jobs lost are in the internet-based industries which in return affects the internet economy. When jobs are lost, the growth of the economy slows down. What is more, job loss results to increased cybercrimes. Secondly, cybercrime results to shifting of the job from those that pay well to those that are low-paying (McAfee, 2014). Workers who are displaced from their jobs because of cybercrime are the primary victims. Shifting from high-paying jobs to low-paying jobs means that economic development decreases. Overall, the impact on the internet economy is mostly in form of reduced growth