Impact On Cyber Crime In the UK On The Companies Of The World

Introduction

Cyber-crime is one of the most severe problems the world is facing today. Cyber-crime includes a number of crimes such as phishing, frauds related to credit cards, bank robbery, illegal downloading and exploitation, etc. Cyber-crime has a very severe negative impact on society. Not only the general public is affected by cyber-crime but even businesses are also facing a challenge to tackle the problem of cyber-crime. A study has revealed that every year the cyber-crime costs the businesses of the world £265bn (Ashford, 2014). Cybercrime is costing the economy of the world billions of dollars and making businesses declining.

Essay Question 1: Choose one issue out of the topic of ONE country: Conflict

Cyber-Crime

Impact On Cyber Crime In UK On The Companies Of The WorldTo assess the actual rate of cyber-crime on the companies of UK is quite difficult as the companies do not want to reveal such information with the fear of damaging their reputation, but one thing is sure that the companies are facing a severe problem of cyber-crime. Today the main source of commerce is computers. The computers are making everything easier but at the same time as the use of computers is increasing so is the threat of the security. Committing the frauds of financial transactions, stealing the identity of the people, and stealing intellectual property, etc. all are very common in the world of cyber-crime. This has made the companies more vulnerable on the fronts of their security. In UK one in every five people has been touched by cyber-crime. This impact is even greater on the companies (Dennis, 2014). There are different types of cyber-crimes. Some of them are:

  • Digital Piracy: Digital piracy is one of the most common crimes under cyber-crime. People sometimes commit this crime without actually knowing it. Digital piracy may be defined as unauthorized downloading of music files, movies, and software, etc. (Youth and Media, 2007). Downloading a song from a site for free might not look a big deal to us but the impact is so dire that where the growth of the music world was 25% in 2008, fell down to 12% in 2010 (Webroot, 2015).
  • Money Laundering: Money laundering is the activity where the stealers try to disguise their transactions (Fintrac, 2015), in a manner that the transfer of money seems legal but in reality, this transfer is illegal (Layton, 2015).
  • Counterfeiting: The increased usage of computers has also made it easier to counterfeit money. Counterfeiting is the activity where the duplicate currency is printed the same as the original currency without ever authorizing this money by the government of that country (Brain, 2015).

Effects of the Cyber Crime on the companies of UK

In the UK the use of computers for business is on penetration. In fact, the UK is one of the top companies known for its technology-based companies. This has made UK companies more vulnerable to cyber-crime. Their security is even more prone to be damaged. The netizens losses of UK are:

The activities of cyber-crime are contributing to the world financial crisis (Infosec, 2013). The cost of cyber-crime is estimated at around $445. (Williams, 2014)

Impact on Cyber Crime in the UK on the Companies of the world

  • Clean Up Remediation Costs: Once a company encountered a cyber-crime it has to bear the clean-up cost or the cost of taking the remedies against the damage of the crime.
  • Disruption to Operations: The cyber-crime can be so severe that the normal operations might get disrupt or may get stopped.
  • Stealing Information/Theft of IT Assess: The companies have to bear serious losses due to their information theft (CPNI, 2014).

Impact on Individuals

  • Stealing Identity: The identity of the individuals can be stolen by the stealers.
  • Fund Transfer: The transfer of the funds can also occur through the cyber-crime (Detica, 2015).

Remedies of Cyber-crime

  • Anti-Spyware.
  • Encrypted USB Flash drives.
  • Private Proxy Servers (Dooly, 2015).

Conclusion

The assignment was focused on the major crisis of the country UK. Cybercrime affects the industry of the countries as well as the societies and needs to be addressed properly because its impact is not local, it is GLOBAL.

Maddox Smith

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