Business Research on The Rate of Cybercrime
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Added on 2020-04-07
Business Research on The Rate of Cybercrime
Added on 2020-04-07
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1NameUniversityCourseInstructorDateBusiness ResearchThe rate of cybercrime is increasing every day in the world. Many businesses, especially those, operating under the modern technology are faced with many challenges due to cybercrime.The advancement of the cybercrime is due to the modern technology is growing at a very high rate. Cybercrime is basically defined as all the criminal activities which are carried on the internet by use of electronic devices like computers (Arora et al. 2014). There are many challenges which face different institutions due to cybercrimes. One of the challenges is that an organization can be denied to access very important data unless a certain amount of money is paid and this is basically called ransom ware. The denial of data accessing by organizations may lead to a standstill of all the activities in the institution. Another challenge is the fake advertisements and false responses which can make companies carry out tasks in the wrong way.In Australia, cybercrime has also been witnessed in different occasions and many scholars argue that it is still growing. Many companies in Australia experience a security threat at least one or two times a month with other going up to even seven times a month hence creating a great concern about security (Bhatti & Sami 2015). Due to this security concerns, this study is aimed at accessing the challenges which business undergo due to cybercrime in
2Australia and the threats which this cybercrime pose for those businesses. This will create insights on how to solve those problems.Objectives The main objective of this study is to access the threats which are posed by cybercrimes businesses in Australia. The following are the other objectives of the study1.To determine the challenges which business face due to cybercrimes in Australia2.To evaluate the steps which businesses have taken to curb cybercrimes in Australia3.To access the level of cybercrimes in Australia.Project scopeThis study will be carried on in the four biggest firms in Australia that is BHP Billiton, Wesfarmers, Woolworths limited and the Common wealth bank of Australia. The four companies have been chosen because they are the largest firms in Australia and hence they experience the highest rate of cybercrimes. In addition, they since they are developed firms and operate in large volumes of data, it is possible to get enough data for this study from therm.
3LITERATURE REVIEWIntroduction Cybercrime is defined as any crime involving computers and basically operated through the internet (Bhatt and Pant 2011). There are many types of cybercrimes. The following are someexamples: computer system attacks where by computers maybe hacked or infected with virus or malware. This type of cybercrime is ones among the many cybercrimes which affect businesses in Australia. Another type of cybercrime is identity theft which includes the use of one’s personal information without his or her consent. The effects of cybercrime for businesses in AustraliaThe businesses which are mostly affected by cybercrimes in Australia include banking, communication provides and energy companies (Das and Nayak 2013). Many companies in Australia operated by the use of the internet and hence most the data is stored online for easy accessing and for faster communication (Levin and Ilikina 2013). Due to this operation based on the internet, most of the companies face frequent cybercrimes like hacking. Hackers basically rely on these companies since they can get huge returns if they succeed in the mission of hacking. This makes the companies un-secure and hence there is a need to come up with some strategies on how to solve this problem.In Australia, cybercrime affects both the private and public sector and hence both are subjected to the same challenges. However, the public sector is the most affected and suffers a lot due to these crimes (Ganji et al. 2013). Many people have suffered due to cybercrime by losing jobs or even losing their savings in a case whereby the systems are hacked and the savingsstolen.
4In the last two years, two prominent companies in Australia that are Yahoo and Snap Chat were victims and this lead to lose of reputations and trust in the companies. When a company is subjected to a cybercrime, many of its customer’s loose trust and it takes very long time to build the reputation again, yet it takes only seconds to destroy it. To many companies, thecybercrime is inevitable because they are internet friendly and hence they carry many of their operations online. Due to fake advertisements, many customers make it very hard to believe and put trust to those companies which operate online and hence it makes it very hard for the companies to build customer trust. There are at least three ways which hackers use to carry out cybercrime missions. The first one is by use of emails whereby the hacker designs and sends a fraud email address to the targeted person and once the person opens the email, the sender gets access to the information of that person or company and hence carries out his or her mission. These emails mainly target those people responsible for finance in the companies since the main target is to steal (Ksherti 2013). Another way which is used by hackers is accessing the app store by use of malware to access bank details and steal from people. The last method majorly used by hackers is the authentication scheme whereby they target those people who use the same password to access different accounts by use of machine learning tools to access the background history of those accounts and passwords.The combination of these methods poses a great challenge to many companies in Australia since it is very hard to control them. Many of the companies educate their employees on how to avoid them but at the end, they still find themselves victims of the same. Also, some employees make deals with hackers and give them vital data of the companies to carry out the hacking process and then share.
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