Online-Law-Degrees.orgCyber Crime's Effect on Corporations
As individuals and corporations begin to conduct more of their business online, the stream of private and sensitive information continues to upwardly incline. This explosion of such personal information is bait for those wanting to either steal information, harm operating systems, or monitor systems for future transgressions. Cyber crime's effect on corporations is debilitating. Businesses that fail to take proper precautions are increasing their chances of being a victim of cyber crime.
The first precautionary step is understanding more on a crime that is attacking computers worldwide.
Attacks
- Computer Network Attack: This attack infiltrates the system with a malicious code. Software weaknesses, system configurations, and computer securities are tested and harmed when the infected code is able to permeate the corporations systems.
- Hacking: This attack can be a threat from inside or outside the corporations. Information in the computer is broken into where the violator either views the data or alters the information.
- Identity Theft: This attack is when information is first stolen (hacking) then used by another. Identity theft is considered a white collar crime that can be committed against a corporation internally or externally.
- Insider Threat: While many may believe cyber crime attacks are conducted by outside agencies, one of the most vulnerable parts of a business is a crime by a corporation employee. The knowledge of the inner-workings of the business are already known by one that works for the business.
- Phishing Attacks: A corporation can be attacked through phishing. Instant messaging, emails, and other forms of communication online where computer information is translated from one to another is vulnerable information that can be learned when the computer translates the information and is the accessed by someone not authorized to view the information.
Abuses
- Cheap Crime: The abundance of cyber crimes occurs so extensively because it is relatively cheap. Corporations provide an opportunity for those seeking a quick return on their crime while remaining inconspicuous to the parties they are trying to steal from -- especially with corporations.
- Innocent Crime: Employees of a corporation may actually be oblivious to their actions. When they are accessing data and using it for other purposes other than for work, this is an abuse.
- Intellectual Property: While corporations may not place importance on the content employees have access to view, the property is owned by the corporation. When the information is used without the permission of the corporation, this is considered stolen property.
- Intentional Abuses: Computer abuse is an intentional act to corporate computer systems. The wrongful access may lead to financial losses to the corporation, and it is not covered under current specific criminal statutes.
- Worker Production: One abuse that is perceived as an innocent practice by employees. When workers are accessing information other than what they need for their job, the corporation is paying for this time and is a theft of time by employees.
Effect on Industry & Government
- Corporations Pay When Attacked: The amount of money corporations lose each year because of Web attacks, rogue attacks, and malicious codes is astronomical. The average of one successful attack occurs each week and amounts to $3.8 million annually.
- Government Pays When Attacked: While corporations shell out a tremendous amount of money because of cyber crimes, the vital information that the government holds makes its costs exorbitantly higher. Along with cyber crime, government contends that when cybersecurity is accounted for the expense is as high as $400 billion each year.
- Legality: Regulations on cyber crimes are as stringent as they can be on such a crime to track. There are federal regulations that protect government data but corporations are not as protected.
- National Cyber Security Summit: The impact of cyber crime on corporations has been so monumental that a summit was held to make businesses aware of the threat. This Summit occurred shortly after major search engines came under cyber attack.
- Organized Crime: Most cyber crimes are believed to be inflicted by individuals. There is a growing concern that threats are now organized especially as corporations equip their data with more sophisticated forms of security.
How to Fight Back
- Back Up Information: Unfortunately all cyber threats cannot be averted. If a breach of information occurs, a routine back up of the corporation's information will help the company recover much quicker from the attack.
- Be Mindful of Phishing: Emails can claim to be from a bank and other trusted sources requesting personal information to verify the identity of a person. All employees should be aware of not giving out information like credit card numbers, social security numbers, tax identification numbers, or any other information that could jeopardize the employee or companies' private information.
- Encryption and Biometric Authentication: The encryption and biometric authentication secures information and the transmission of information. Data, like credit card information, is hidden and is not readable by others.
- Firewall the Corporation's System: Certain traffic is filtered from entering the system and is blocked if it is found to be a potential threat. Along with blocking data from entering, the firewall also logs all those attempting to access the information.
- Install Anti-Virus Products: There is no sure way to guard against cyber crimes, but taking as many precautions to protect the corporation are the best ways to avert many potential threats. Anti-virus products tend to have periodic downloads that are helpful when new threats arise.