The Effect of Cyber Crime on Society/Importance of Cyber Insurance
The Effect of Cyber Crime on Society
Our online
presence is only increasing day by day. Be it shopping for clothes online or
buying groceries at a store, with every transaction; we leave behind a digital
footprint that online criminals are always looking to exploit. With increased
internet usage, the number of cybercrimes has also increased globally. As
per National Crime Records Bureau of India
report, India saw an 84% increase in cybercrimes within a span of
two years – from 2018 to 2020. Individuals and large corporations bear the
impact of cybercrime. This article explains the many ill effects of cybercrimes
on society.
Cybercrime – An overview
Cybercrime may
be defined as any crime facilitated by the internet. Hackers, also known as
cybercriminals, typically attack online systems using computers and private
networks. Some of the most commonly known cybercrimes include identity theft,
ransom ware, cyber extortion, phishing, data breach, online shopping scams,
etc. The ill effects of cybercrimes often lead to extreme financial ruin and
reputation loss to both businesses and individuals. Moreover, the repercussions
of cybercrimes can affect society in numerous ways.
Effects of Cybercrime on Society
Cybercrime can
take numerous forms, be it online scams for petty thefts or serious threats
like terrorism. Whatever it is, its impact can be incredibly harmful to
society. Let us understand the effect or impact of cybercrime on society with
examples.
Effects of
cybercrime on businesses
Assume an
e–commerce business collects customers’ card details when the customer makes an
online payment. This giant corporation has millions of customers. Now say, at
least 70% of their customers make payments using debit cards, credit cards,
UPIs, digital wallets, etc. This means that the business has built a massive
online customer database. If the company does not take adequate measures to
secure and encrypt its customers’ sensitive financial information, hackers can
take advantage of the tiniest of vulnerabilities and hack into internal
systems. They can access customers’ card information and track it back to their
bank accounts and steal money. This can cause financial loss to many people,
leading to a massive uproar in society.
Effects of cybercrime on infrastructure
Cybercriminals
can also target healthcare websites. They can expose patients’ and hospital
staff’s sensitive data. These cybercrimes can range from malware and
denial–of–service. Cyber-attacks on the healthcare industry can have
ramifications that surpass financial losses, i.e. they can pose risks to patients’
lives.
Effects of
cybercrime on individuals
Thanks to
digitalization, our phones are not the only assets that have become smart.
Artificial intelligence (AI) and the internet of things (IOT) have enabled
smart homes, where you can turn on any device with a voice command. Your
new–age smart TV allows you to subscribe to various streaming platforms but
leaves your payment details susceptible to hacking in the absence of a
legitimate security system.
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Importance
of Cyber Insurance
Damages caused by cybercrimes often transcend financial losses. Data breaches, ransom ware, malware, etc., can bring even the largest corporations down to their knees. The impact of cybercrimes on society in general and businesses in particular can be tremendously taxing. However, cybercrime victims can recover their financial losses with cyber insurance.
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Cyber insurance
covers several cybercrimes, including phishing, ransom ware, identity theft
social media bullying, online scams, etc. The insurer covers the legal costs,
costs associated with repairing devices affected by malware, relocation costs,
etc., up to a specific sum insured per the policy terms. Whether you run a
business or own a personal computer, you must secure your online presence with cyber insurance.
Disclaimer:
The
above information is indicative in nature. For more details on the risk factor,
terms and conditions , please refer to the Sales Brochure and Policy Wordings
carefully before concluding a sale.
Cybercrime may
harm someone's security or finances
Cybercrime may
harm someone's security or finances. There are many privacy concerns
surrounding cybercrime when confidential information is intercepted or disclosed,
lawfully or otherwise.
With your
identity, the thief can take out loans, incur credit, accumulate debt and, then
flee without a trace. It can take years to rehabilitate your identity. A virus
can destroy someone's files and a lost database can result in receiving
unwanted sales calls.
Conclusion
Data plays
an integral role in the commission of many cybercrimes and vulnerabilities to
cybercrime. Even though data provides users of it (individuals, private
companies, organizations, and governments) with innumerable opportunities,
these benefits can be (and have been) exploited by some for criminal purposes.
Specifically, data collection, storage, analysis, and sharing both enables many
cybercrimes and the vast collection, storage, use, and distribution of data
without users' informed consent and choice and necessary legal and security
protections. What is more, data aggregation, analysis, and transfer occur at
scales that governments and organizations are unprepared for, creating a slew
of cyber security risks. Privacy, data protection, and security of systems,
networks, and data are interdependent. In view of that, to protect against
cybercrime, security measures are needed that are designed to protect data and
user's privacy.
Several
international treaties have been implemented relating to cybercrime. Overall,
existing multilateral and regional legal instruments, and national laws, vary
in terms of thematic content and extent of coverage of criminalization,
investigative measures and powers, digital evidence, regulation and risk, and
jurisdiction and international cooperation. These treaties also vary in
geographic scope (i.e., regional or multilateral) and applicability. This
variation creates obstacles to the effective identification, investigation and
prosecution of cybercriminals and the prevention of cybercrime.
Safeguards are
needed to ensure that laws that place restrictions on Internet access and
content are not abused and are in accordance with the rule of law and human
rights. Clarity in law is also needed to ensure that laws are not used to
prohibit access to content in a manner that violates human rights law. A danger
exists for "mission creep" or "function creep" (i.e., terms
used to describe the expansion of law and other measures in areas beyond their
original scope), where laws and investigatory powers introduced to target one
form of cybercrime are then used to target other, less serious forms of
cybercrime. What is more, challenges concerning the reach and effect of
cybercrime laws arise where "Internet content that is generated and
acceptable in one country is made available in a third country" where the
content is considered illegal.
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