Cyber Crime: Causing Damage to the Tune of Billions
Cyber Crime: Causing Damage to the Tune of Billions
Cyber crime is on the rise today. It costs the global economy about $445 billion a year in damages. Hackers take more than private information and financial status. They also rob people of their privacy. Damages to business from the theft of intellectual property exceeded $160 billion loss to persons from hacking, as per the research published in recent times.
The report issued from the Center for Strategic and International Studies (CSIS) reveals that cyber crime has dented the growth industry in a big way. It has damaged trade and competition. It has also curbed innovation. A study sponsored by security software firm McAfee has mentioned how around $375 billion has been lost in money. Maximum losses incurred are around $575 billion.
Cyber crime is a “tax on innovation” according to Jim Lewis of CSIS. This occurs because there can be a reduction in the rate of innovation and investment as a result of this. Developed as well as developing countries stand to lose a lot because of this reason.
According to the study, the largest economies across the globe bore the brunt of the losses as the toll on the US as well as China,Germany and Japan has reached $200 billion per year now.
Losses incurred as a result of disclosure of personal information have resulted in monetary as well as non-monetary implications. This includes stolen credit card information and financial details. Around 40 million persons in the US which equals 15% of the population has had personal data stolen from them.
High profile breaches caused another 54 million in Turkey, 16 million in Germany and nearly 20 million in China to face losses. McAfee which is owned by Intel Corp has indicated that improvement in international collaboration has netted the end of crime rings caused by master software Gameover Zeus.
Cyber crime is on the rise as internet use is becoming more common in many countries. A prominent media group has reported by the year 2025, every seventh citizen in India will have access to the internet. In such a scenario, regulating cyber crime has become very important.
Cyber crime is on the rise because people are not protected by enough laws and regulations in their country. First time internet users also know very little about security software.
Educating netizens about the importance of installing security software is therefore very critical. Along with moves to provide 4G and broadband services by leading groups such as Reliance, education about the importance of installing security softwares is also very crucial. This can save businesses and individuals from unauthorised users and unscrupulous hackers.
