Cybercrime has reached new heights, costing businesses and individuals billions of dollars each year. What’s scarier is that this statistic only covers the last five years, with no end in sight. Because of the advancement of technology and the rising accessibility of smart technology, hackers have many access points within customers’ homes to exploit. While law enforcement tries to combat the problem, criminal numbers continue to rise, taking advantage of the internet’s anonymity.
Cybercrime today
Cybercriminals are always looking for new ways to break into key systems and steal data, such as those that store financial account information.
Ransomware is a modern form of cybercrime in which cybercriminals encrypt a computer system and hold it for ransom. Unless a ransom is paid, the thieves threaten to leak data or permanently block access to the system.
In the evolution of cybercrime, increasingly devious ways have been used to obtain access to secure systems. Cybercriminals recognised not long ago that, rather than utilising advanced technology to break into systems, they could take advantage of uninformed and unaware users of secure systems and deceive them into granting access. In 2014, Sony Pictures lost over $100 million as a result of a phishing attack involving fraudulent emails sent to employees.Another phishing attempt in 2015, which cost networking company Ubiquiti $46.7 million, used emails to deceive employees into giving hackers their identities, passwords, and account numbers.
Cybercrime is always a cat-and-mouse game, no matter how it is carried out. Cybercriminals assault systems, but firms, governments, and software publishers respond by developing increasingly sophisticated defences. The cybercriminals then devise new methods of attack.
Types of Cybercrimes
1. DDos Attack: These are used to take down a network and make an online service unavailable by flooding the site with traffic from a variety of sources. Botnets are large networks of compromised devices formed by installing malware on users’ PCs. The hacker then hacks into the system once the network is down.
2. Botnets: Botnets are networks made up of infected machines that are managed from afar by hackers. These botnets are then used by remote hackers to send spam or attack other computers. Botnets can also be used to execute destructive functions and act as malware.
3. Identity Theft: When a criminal acquires access to a user’s personal information, they can use it to steal money, access secret information, or commit tax or health insurance fraud. They can also use your name to open a phone/internet account, organise criminal action, and claim government benefits in your name. They could do so by breaking into users’ passwords, stealing personal information from social media, or sending out phishing emails.
4. Cyberstalking:This type of cybercrime entails online harassment, in which the user is bombarded with messages and emails. Cyberstalkers typically use social media, websites, and search engines to frighten and terrify users. The cyberstalker usually knows their victim and makes them feel threatened or worried about their safety.
5. Social Engineering: Criminals use social engineering to make direct contact with you, usually via phone or email. They frequently masquerade as a customer or technical support person in order to gain your trust and obtain the information they require. This is usually a password, your employer’s name, or your bank account number. Cybercriminals will gather as much information about you as possible on the internet before attempting to add you as a buddy on social media platforms. They can sell your information or open accounts in your name after they acquire access to an account.
6. PUPs: PUPs, also known as Potentially Unwanted Programs are a sort of malwarethat is less dangerous than other cyberattacks. They uninstall necessary software in your system including search engines and pre-downloaded apps. Because they may contain spyware or adware, it’s a good idea to install antivirus software to protect yourself against dangerous downloads.
7. Phishing:Hackers send malicious email attachments or URLs to users in order to obtain access to their accounts or computers in this form of attack. Many of these emails are not detected as spam because cybercriminals are becoming more established. Users are duped into clicking on links in emails that imply they need to change their password or update their billing information, giving crooks access to their accounts.
8. Prohibited/Illegal Content: Criminals engage in this cybercrime by exchanging and disseminating unsuitable content that can be unpleasant and offensive. Sexual behaviour between adults, recordings with excessive violence, and movies of criminal action are examples of offensive content. Materials inciting terrorism and child exploitation are examples of illegal content. This type of content can be found on both the public internet and the dark web, which is an anonymous network.
9. Online Scams: These are frequently in the form of advertisements or spam emails that contain promises of rewards or money offers that are too good to be true. Scams on the internet include alluring offers that are “too good to be true,” and when clicked on, can result in malware interfering with and compromising information.
10. Exploit Kits: To acquire control of a user’s computer, exploit kits require a vulnerability (a flaw in software code). They are ready-to-use tools that thieves may purchase online and employ against anyone who has access to a computer. Exploit kits, like conventional software, are updated on a regular basis and are available on dark web hacker forums.
Impact of Cybercrime on Society
Millions of users’ personal information has been taken as a result of cybercrime in recent years, posing a serious hazard to individuals who utilise the internet. It has also had a significant impact on the economies of several countries. Cybercrime, according to IBM President and CEO Ginni Rometty, is “the greatest threat to every profession, every sector, and every firm in the world.” Read on for alarming data on cybercrime’s current impact on society. Read on for alarming data on cybercrime’s current impact on society.
- By 2021, the global cost of cybercrime has surpassed $6 trillion.
- Global Analysis organisations that suffered at least one data breach in 2016 lost an average of $4 million, according to the Ponemon Institute’s 2016 Cost of Data Breach Study.
- Acts of hostile intent are responsible for 48% of data security breaches.
- Ransomware costs had reached to $11.5 billion in 2019, according to Cybersecurity Ventures.
- In 2021, the number of unfilled cybersecurity jobs had more than tripled.
Most internet users are unconcerned about the possibility of being hacked, and they rarely change or update their passwords. As a result, many people are vulnerable to cybercrime, thus it’s critical to educate yourself. Educate yourself and others with Siccura Cybershield Programmes on what precautions you can take to protect yourself as an individual or as a company.