Cybercrime Costs Britain Around 1,000 Gbp Per Second-wh60a

Security Cybercrime has severe implications for individuals, businesses and governments. A recent report on cost of crime reveals that United Kingdom (U.K) incurs a cost of around 1,000 per second and over 27 billion annually on cybercrime. Perpetrators of cybercrime include individual offenders, organized crime syndicates and state players. Monetary gains are one of the major motivating factors behind cybercrime activities. The study on cost of cybercrime was conducted by Detica and the office of cyber security and information assurance in the cabinet office. The report covered cybercrime areas such as identity theft and other Internet-based crime committed against individuals, intellectual property (IP) theft, corporate espionage and extortion suffered by business organizations and fiscal fraud against the government. The report indicates that the actual cost may be far above the figures revealed as many cybercrime cases still remain unreported. The financial implications of cybercrime on business organizations are considerable and stand at 21 billion per year. The major share of economic cost of cybercrime on businesses is shared by IP theft (around 9.2 billion p.a) and industrial espionage (around 7.6 billion p.a) and followed by extortion, online theft and breach of customer data. Pharmaceutical and biotechnology companies face the major risk of IP theft followed by electronic and electrical equipment manufacturers. Businesses face the risk of loss of proprietary information, ideas, designs and copyrights by cybercriminals and corporate spies. Financial services and mining face the major risk of corporate espionage. The increasing instances of cybercrime have made it inevitable for organizations to increase spending on cyber security. Organizations are investing on latest intrusion detection systems and network segregation. Network segregation is crucial to prevent unauthorized access to privileged business information. Lack of cyber security awareness among employees also results in lapses, which may lead to intrusions and unauthorized access to data. Organizations need to invest in improving cyber security awareness among employees through e-learning, online computer training programs and IT workshops. Regular security evaluation of IT infrastructure is crucial to mitigate the vulnerabilities before their exploitation by attackers. Government suffers an economic cost of around 2.2 billion annually due to cybercrime. Tax and benefits fraud, National Health Service (NHS) fraud and pension fraud are some of the cybercrime perpetrated against the government. Cybercriminals target individuals through online scams, identity theft and fake anti-virus software. The financial burden of cybercrime on citizens of U.K is around 3.1 billion per year. The growing challenges posed by cybercrime has resulted in increased demand for cyber security specialists such as system administrators, network administrators, ethical hacker certified personnel, programmers, penetration testers and security auditors among others. Government must initiate cyber security programs to enlighten the citizens on the prevalent threats in the cyber space. Strengthening the IT infrastructure is crucial to reduce intrusions by cyber-attackers. IT employees working in the public sector companies may be encouraged to undertake IT security certification programs to upgrade their technical skills to deal with the challenges posed by cybercrime. Individuals may safeguard their computer systems by installation and regular updating of anti-virus software, installation of firewalls and timely application of security patches released by software companies. Adherence to cyber security tips and guidelines may help individuals in preventing intrusions, unauthorized access and data breaches. About the Author: 相关的主题文章: