Impact of Cyber Crimes on Society, Government, and MNCs

The report discusses the impact of cybercrimes on society, government agencies, and multinational corporations. It explores the current cybercrime rate, the increase in cybercrime attacks worldwide, and the implications of these attacks on various sectors. The report concludes with recommendations for protecting organizations against cybercrimes.

Running head: CYBER CRIME ISSUES
Cyber Crime Issues
Name of the Student
Name of the University
Author’s note

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Summary
The report is based on the growing impact of cybercrimes over the online platform. Based on the
consideration of several latest incidents, it has been seen that there have been a huge rise in the
number of cyber-attacks within various organisations. The report puts focus on the current
increasing rate of cybercrimes that have mostly affected most of the parts of the organisations.
With the consideration of different reports of various security organisations, it has been seen that
the impact of cybercrimes have made a major factor for the organisations. Cybercrimes are the
most important concern in the recent times and with the rise of different cases of fraud, it has
been seen that these should be considered as a grave concern and should be dealt accordingly.

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Table of Contents
1. Justification..................................................................................................................................3
2. Introduction..................................................................................................................................3
3. Discussion....................................................................................................................................4
3.1 Current Cyber Crime Rate.....................................................................................................4
3.2 Increase of Cyber Crime rate in the World............................................................................5
3.3 Impact of Cyber Crime attack on Society/Government/MNC..............................................7
4. Conclusions..................................................................................................................................8
5. Recommendations........................................................................................................................8
References......................................................................................................................................10

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1. Justification
The research on the topic “Cyber-Crime Rate” would be of very much interest to me. I
have seen several cases of cybercrime in the recent times that have made a major impact over the
cyber systems from all over the world. One such case is the WannaCry ransomware attacks that
had attacked the computer systems all over the world in the year 2017 (Hern and Gibbs 2019).
These kind of attacks would tend to put a major form of impact over the lives of the people and
the computing system. This topic would be helpful for understanding the current situation of
cybercrime rate, the ways in which these attacks have penetrated in the various applications and
the best ways of preventing against such kind of attacks.
2. Introduction
The primary purpose of the investigation is based on defining the ways in which
cybercrime has penetrated and impacted most of the cyber systems of the world. The report also
provides recommendation about the different ways in which such kind of attacks would be
mitigated.
Cybercrime could be defined as a computer-oriented crime that would involve a network
and a computing network system (Kundi et al. 2014). This kind of crime would be able to
threaten a person or the security of a nation or the financial health. The different kind of issues
that surround cybercrimes include copyright infringement, child pornography, unwarranted
mass-surveillance and others.
This report identifies the current cybercrime rate in the world. The report also discusses
about the increasing rate of this form of crime in the world (Solak and Topaloglu 2015). The
discussion also puts focus on the loss of data within different government or private agencies and

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also recommends some ways in which these breach of data would be prevented from happening
further.
3. Discussion
3.1 Current Cyber Crime Rate
Based on a report published by McAfee in 2014, there have been an estimation about the
annual damage of cybercrime to the global economy. This had been estimated to bring a loss of
$445 billion. On an approximate basis, nearly $1.5 billion was lost in 2012 based on transactions
of online activities of debit card and credit card frauds in the United States. In a report of 2018, a
study conducted by Center for Strategic and International Studies (CSIS) with partnership by
McAfee has concluded to $600 billion.

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(Fig 1: The Top 20 Countries affected by Cybercrime)
(Source: Remove Spyware and Malware with SpyHunter - EnigmaSoft Ltd 2019)
The report conducted by the Cyber Security Agency in Singapore (CSA) had found that
nearly eight in almost ten cybercrimes had involved online means of cheating customers and
businesses (Holt and Bossler 2014). This was mainly followed by cyber extortion and
unauthorised access to computer materials. Online form of cyber threats had included
defacements and phishing. This included 1750 websites, which were defaced and 2512 phishing
URLs that were primarily detected. With the advancements in the field of technology, which has

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opened several new kinds of possibilities it has also exposed new forms of cyber threats
(Anderson et al. 2013). The increase rate of cybercrimes in the world have mostly targeted the
financial and banking services, which were the most common areas of getting spoofed. The
different other kinds of payments platform that includes PayPal and other file-hosting services
such as Google Drive and Dropbox were the most popular form of targets.
(Fig 2: Behaviour of Cyber Crimes )
(Source: Sciencedirect.com 2019)
The CSA had also stated that different attackers have sought the stealing of personal data
that included passport numbers, which could be tradeable within underground markets. There
were various kinds of business email scams, which were considered to be one of the topmost
threats that have been faced. Millions of dollars were lost through scams based on phishing. In
these kinds of attacks, the hackers imitated the executives of the company or different business

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partners such as email. Based on the detection of cybercrimes in the world, there were 60
command and control servers that were mainly been detected within the cyber space of
Singapore (Jardine 2015). The potential hackers make use of servers for communication with
different malware infected devices and thus be able to carry different kinds of malicious attacks
that includes email scam campaigns, theft of data ad DDoS attacks.
3.2 Increase of Cyber Crime rate in the World
Cybercrime have hit the headline in 2017 based on the impact of cybercrime that have
crippled the National Health Services and other different other organisation in May. The
different kinds of ransomware attacks that had infected global companies had held cyber security
experts to get active and perform better in order to secure the security aspects of the companies
(Ablon, Libicki and Golay 2014). Based on different estimations, it has been concluded that
cybercrime would increase on a rapid basis in the year 2018 and the upcoming years.
The increasing numbers of cybercrime attacks in the world have left a shocking news for
the organisations. It has been widely predicted that the variant costs based on the impact of
cyber-attacks will be in the range of $6 trillion per annum by the year 2021. This would represent
the great form of transfer of economic wealth (Moore 2014). The global costs of damage based
on global ransomware damages have been predicted to exceed in the future two to three years.
The latest forms of research within the issues related to cyber security would exceed nearly about
$1 trillion from the year 2017 to 2021. There is a high demand for competent experts of cyber
security, which would be unprecedented (McGuire and Dowling 2013). Based on the increase of
cybercrimes that have been affecting different parts of the world, it has been seen that the role of
cyber security aspects would have different kind of responsibilities (Boyce, Cotter and Perreault

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2014). Every employee within an organisation should be expected for the protection and
defending against the data of the company.
(Fig 3: Annual Revenues of Cybercrime)
(Source: Hashed Out by The SSL Store™ 2018)
The impact of cybercrime would be able to mirror the global economy. It has been seen
as a decisive shift towards a certain platform model. Cybercriminals generally make use of
existing platforms for laundering of money (Holt and Bossler 2014). The increase of different
forms of cybercrime attacks that have occurred in the United States have experienced an annual
loss of much more than 525 million IUS dollars. This has been mainly occurring due to attacks
of cybercrime. The majority of such kind of losses would mainly be originating from denial of
service attacks and malicious code.

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The most impactful online data breach had compromised of more than 130 million
accounts of users. Different online brands such as PayPal and online auction websites such eBay
have provided a way for the increase of cybercrime attacks.
3.3 Impact of Cyber Crime attack on Society/Government/MNC
There are different businesses and individuals that are situated within society and
government regions that would be able to suffer significant kind of financial losses due to the
severe impacts of cybercrime. There could be different loss within the business, which could be
based on the instance of denial of service attack based on large corporations (Lagazio, Sherif and
Cushman 2014). There are businesses, which could be deliberately attacked as they possess
valuable data based on assets of the public.
Based on the impact of cybercrime attacks, it could be discussed these have led to a huge
kind of crisis for the different business and to the society (McGuire and Dowling 2013). The
government of different nations have taken serious kinds of actions based on providing useful
remediation for the people who have been affected by the latest kind of cybercrime attacks. A
successful kind of cyber-attack could be able to cause major form of damage to the entire
business (Uma and Padmavathi 2013). It would be able to affect the bottom line along with the
standing of the business and the trust of customers.
Some other forms of implications based on the impacts of cybercrime attacks also include
the damage to reputation of the concerned organisations or businesses (Dunn Cavelty 2013). The
effect based on reputational damage could be able to impact the suppliers or also affect the
relationship of the businesses with investors, partners and different third party vendors (Hua and
Bapna 2013). The impact of reputational damage posed by cyber criminals on the business and

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government organisations would be able to lead to loss of sales, loss of customers and also
reduce the profits of the organisation.
4. Conclusions
Based on the consideration from the above discussion, it could be concluded that the
impact of cybercrimes would have a major kind of impact on the government agencies, MNCs
and society as a whole. Cybercrimes have a long and lasting effect on the various aspects of each
of these industries. Breach of security would be able to devastate even the highest kind of
strategies employed by the businesses. Hence, it would be extremely important for management
of the risks in an according manner. With the help of cyber security incident, it would be
extremely helpful for planning a proper form of response plan, which would be able to reduce
the amount of risks that would be imposed on different organisations. Helpful form of
investment on user training, awareness and education would be extremely helpful for
organisation to be resilient against the highest impact of cybercrimes. The use of a wide form of
cyber security risk management processes would be able to secure the protection of the platform
of businesses on an online platform.
5. Recommendations
Based on the impact of cybercrimes on the society, government agencies and MNCs,
there would be some kind of recommendations that would be beneficial for protecting the
organisations. These include:
 Defend of Data – Installation of comprehensive security suite based on each devices and
regular updating of security patches would be able to protect the computers, smartphones
and tablets.

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 Caution within the Cloud – Cybercriminals mainly target the cloud platform. This is the
main reason that users mainly store their data on the cloud for backup purposes. Hence,
there should be a high level of caution based on storing of files on the cloud platform.
 Saving of Sensitive Transactions based on Secure Connections – Sharing of personal
information through the Internet platform should be taken with high care. Free and
unsecured kind of Wi-Fi networks could be helpful for cybercriminals to perform
eavesdropping based on the activity of the users. There should be a certain level of
avoidance within shopping and banking activities during the process of connection to
networks.

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References
Ablon, L., Libicki, M.C. and Golay, A.A., 2014. Markets for cybercrime tools and stolen data:
Hackers' bazaar. Rand Corporation.
Anderson, R., Barton, C., Böhme, R., Clayton, R., Van Eeten, M.J., Levi, M., Moore, T. and
Savage, S., 2013. Measuring the cost of cybercrime. In The economics of information security
and privacy (pp. 265-300). Springer, Berlin, Heidelberg.
Boyce, J., Cotter, A. and Perreault, S., 2014. Police-reported crime statistics in Canada,
2013. Juristat: Canadian Centre for Justice Statistics, p.1.
Dunn Cavelty, M., 2013. From cyber-bombs to political fallout: Threat representations with an
impact in the cyber-security discourse. International Studies Review, 15(1), pp.105-122.
Hashed Out by The SSL Store™. (2018). 2018 Cybercrime Statistics: A closer look at the "Web
of Profit". [online] Available at: https://www.thesslstore.com/blog/2018-cybercrime-statistics/
[Accessed 21 Dec. 2018].
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computers?. [online] the Guardian. Available at:
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Hua, J. and Bapna, S., 2013. The economic impact of cyber terrorism. The Journal of Strategic
Information Systems, 22(2), pp.175-186.
Jardine, E., 2015. Global cyberspace is safer than you think: real trends in cybercrime.
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