An explanation of cybercrime
In this video, Informa TechTarget editor Tommy Everson explains what cybercrime is, its different forms and the damage it can have on organizations.
When it comes to cybercrime, there's no such thing as too careful.
In the business world, we talk a lot about cybercrime and cybersecurity. But, what is cybercrime? Cybercrime is any criminal activity that involves a computer, networked device or network.
Cybercriminals' goals are usually financially motivated. However, some cybercrime target specific devices to damage or disable them; or to spread malware, illegal information, images or other malicious material. In any case, cybercrime has major implications for businesses, so it's important to understand these threats and how to mitigate them.
Here, we'll provide an overview of cybercrime and its effects on organizations.
Today, just about everyone is connected to the internet, and the anonymity, speed and convenience it provides has dramatically increased the volume of cybercrime activities. In other words, a criminal doesn't have to physically be present to commit a cybercrime, and just about anyone can be a cybercriminal.
Many cyberattacks involve social engineering techniques like phishing or malware to manipulate people into breaking normal security procedures to gain access to systems.
Cybercrimes come in many different forms, such as:
Cyber extortion, where an attacker threatens a user with the intention of extorting money from them.
Identity theft, which involves the theft of personal information in order to access an individual's valuable accounts or steal their identity.
Software piracy, which refers to the unlawful copying, use and distribution of software programs.
And, cryptojacking, which is when an attacker loads cryptocurrency mining software onto a user's system against their will, or without their knowledge.
Cybercrimes typically have a financial impact on business; cybercrime damages are expected to cost a total of $10.5 trillion annually by 2025. Aside from the financial burden, businesses often face fines, damaged brand reputations and negative investor perceptions due to cyberattacks.
That said, prevention is key, and organizations should create incident response plans, use multifactor authentication and train employees on cybersecurity best practices to minimize potential damage.
Has your organization been affected by cybercrime? Share your experience in the comments, and remember to like and subscribe, too.
Tommy Everson is an assistant editor for video content at TechTarget. He assists in content creation for TechTarget's YouTube channel and TikTok page.