Is Cybercrime a Threat?

Wazzup Pilipinas!

Data is the phenomenon of our time, it is the world’s new most valuable resource and currency. It provides the world’s biggest companies with a competitive advantage and is massively transforming the world. With the role data now plays, it has given cybercriminals the opportunity to become the single greatest threat to companies and even individuals.

Cybercrime causes massive damage to businesses and, by 2021, the annual costs of cybercrime are expected to reach $6 trillion! Cyber threats have evolved massively from being problems which could be avoided with anti-virus software, to something that is threatening people, cars, planes, power grids, and literally anything which has the internet at its core. These days, even a powerful anti-virus like BitDefender or Kaspersky Anti-Virus cannot fully guarantee that you are safe from a cyber attack, although it definitely helps; you need to be extra careful about how you share your information online.

When it comes to company size, cybercrime does not discriminate. Small businesses, mid-sized corporations, and even Fortune 500 companies have all been victims of cyber attacks. Because of this, companies and organizations need to become more resilient to cybercrime and increase their defences. There is no end in sight to this crime and it keeps on playing a larger and larger role in our modern and digitally connected world.

So long as there is a way for cybercriminals to profit from their acts, cybercrime will continue to exist and attacks will continue. They can steal personal information, send spam, hijack devices, target bank accounts, and even run email phishing scams. This is a global problem which is not going to go away, and no single organization can tackle it on its own.

This is particularly true when it comes to smaller businesses who do not employ full time staff to deal with the problems that this type of crime causes, nor can invest in high-tech cybersecurity solutions. Warren Buffet has even come out to say that no companies can fully prepare for a major wide scale attack from cybercriminals.

Cyberattacks are occurring constantly across the USA and the world. It is a problem on a global scale which costs people privacy, money, and security. The costs of these attacks are truly extraordinary and it is only going to get worse as we make further technological developments and rely more on the internet to function.

One of today’s biggest trends is that the cybercriminals’ motives are constantly changing. In the past, hackers would act in reaction to something, for example, in retaliation if a company or a public figure have done something wrong or morally incorrect.

Now, however, hackers are more interested in committing these acts for their own personal gain, rather than for the good of the wider community. Although there are different types of hackers (black hat and white hat), it is the bad ones which paint them all in a negative light and continue to plague the world with cybercrime.

Do you want to learn more about cybercrime and the role it is playing in our modern world? Check out the infographic below!

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