What is Cybercrime?

Cybercrime is any criminal activity involving computers, digital devices, or networks.

Some forms of cybercrime are motivated by financial or personal gain of the attackers, while other forms are mainly intended to cause damage or disruption to computing devices, or the physical services that depend on them. Other forms of cybercrime aim to spread malware or illegal information, or compromise a large number of devices to perform illegal activities under the attacker’s control.

Most cybercriminals aim to profit from their criminal activities, giving rise to a cybercrime economy. Attackers can profit from cybercrime using techniques like ransom attacks, extortion, identity fraud, and theft of financial accounts or payment card information.

Effects of Cybercrime on Businesses

Apart from direct financial losses incurred through cybercrime, cyber attacks can lead to many indirect impacts on organizations:

• Loss of investor awareness following a security breach can reduce company value.
• Reduced credit rating, making it more difficult to raise capital or receive loans, and heightened insurance premiums.
• Loss of sensitive customer data can result in fines and penalties, as well as exposure to legal suits from customers or others whose data was affected.
• Damage to brand image and loss of reputation.
• Public relations, communication, and legal costs.
• Outsourced incident response or forensic investigation services required for breaches that cannot be handled by in-house security staff.

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