This article will focus on various types of cybercrime. Given the fact that the Internet and technology are connected to almost all spheres of life, it is not surprising that cybercriminals use them to their advantage.
What is cybercrime?
Cybercrime is a type of criminal activity that involves the use of computer networks (including the Internet) as the main means of committing a crime. Cybercriminals use hacking software and other technological means to steal data and money, deceive individuals and businesses, and disrupt services. Cybercrimes are often committed remotely, which makes it difficult to investigate and find the perpetrators. Cybercrime Magazine estimates that the possible damage from cybercrime will reach $10.5 trillion per year by 2025, compared with $3 trillion in 2015. This indicates that cybercrime is one of the most costly problems for companies compared to other threats. According to the FBI’s Internet Fraud Report for 2021, more than half of these losses are due to extortion, identity theft, leakage of classified information, as well as phishing (including vishing, smashing and farming). Losses related to business email compromise (BEC) (also known as email account compromise (EAC)) amounted to $2.3 billion out of $6.9 billion. This is a type of fraud in which an attacker impersonates a company manager or employee in order to trick someone into transferring funds or sending confidential information about the company (such as trade secrets, financial reports and personal data of employees). In addition to financial losses, companies face reputational risk from cyber attacks, as people are less likely to trust them and their products or services. Confidential information of employees and customers may also be compromised, which will lead to liability of the company in case of negligence on its part.