Never miss a story

Get subscribed to our newsletter


×
Who knows how many incidents have gone unnoticed or even unreported. Companies might try to hide the fact that their systems have been breached because admitting this would damage their reputation. Pixabay

Do you have an idea what the cost of cybercrime is on an annual basis? Most people would guess millions, or maybe even billions. That would be a rather conservative estimate, though.

Unfortunately, the costs actually reach trillions of pounds globally every year. But that’s just the base financial cost measured in the losses made by companies and individuals. The true cost is hard to calculate.



Hiding the fact that a breach had occurred could land the company in even more hot water, so businesses are starting to believe that it’s better to own up when something goes wrong in this arena. Pixabay


Who knows how many incidents have gone unnoticed or even unreported. Companies might try to hide the fact that their systems have been breached because admitting this would damage their reputation.

It’s something that some companies can never quite recover from. And while it’s wrong not to admit what happened, we can understand why they’d be reluctant to report the incident. After all, who wants to be held responsible for leaking customers personal data?

That said, most of the larger companies now have breach plans in place. They have procedures that dictate how they react should a breach occur. A standard part of these plans nowadays is to ensure that companies get the PR aspect right.


The stakes are just as high for people who are victims of this kind of crime in their personal capacity. Identity theft is one of the top-performing cybercrimes, and this is why personal data is such a hot commodity. Pixabay



Thanks to the GDPR, companies can face hefty fines if they are found to have been negligent when it comes to client security. Hiding the fact that a breach had occurred could land the company in even more hot water, so businesses are starting to believe that it’s better to own up when something goes wrong in this arena.

Also Read: ISS Surface As Littered With Microbes As A Gym, Claims NASA’s Scientists

The stakes are just as high for people who are victims of this kind of crime in their personal capacity. Identity theft is one of the top-performing cybercrimes, and this is why personal data is such a hot commodity.

A criminal can use this data to get credit in your name or evade prosecution, or she could sell the information to someone else. Whatever they do with it, your personal information is like catnip for criminals.


Popular

Photo by Martin de Arriba on Unsplash

Diwali is known for gifting and jewellery tops the list, with the focus on buying gold and diamonds.

Diwali is known for gifting and jewellery tops the list, with the focus on buying gold and diamonds. ORRA jewellery, a trusted diamond jewellery brand is gearing up for the festive and bridal season. As they open their 50th store in the country, IANSlife caught up with Dipu Mehta, Managing Director, ORRA, to find out how the company plans to ramp up its now 50 company-owned and operated stores, expanding its retail presence in Tier-1 and 2 cities and target the millennial segment.

Read Excerpts:

Q: The brand is expanding in tier-2 and tier-3 cities, is brick and mortar the way forward to create a presence in this segment?

A: ORRA currently is expanding in metros plus tier-2 cities. But we aren't opening stores in any new markets. We are only opening in markets where we are already present. We are increasing the number of stores within cities as the demand for jewellery buying has also increased. Currently, we are present in 25 cities with 50 stores, and by the end of the month, we would be launching another seven stores.
Also with a category like jewellery, it is important to have brick and mortar stores as the customers like to see and hold higher value jewellery before purchasing. Jewellery buying is an important decision to the customers and having a store gives them that assurance.

ORRA logo ORRA currently is expanding in metros plus tier-2 cities. | Wikimedia Commons

Keep Reading Show less
Wikimedia Commons

The Centre on Wednesday directed all Union Ministries and Departments to clear Air India's dues immediately.

The Centre on Wednesday directed all Union Ministries and Departments to clear Air India's dues immediately. An office memorandum from the Finance Ministry's Department of Expenditure said: "Recently, the Government of India has decided to disinvest Air India, and the process of disinvestment of Air India and Air India Express is ongoing."

"Air India has stopped extending credit facilities on account of purchase of air tickets. Therefore, all Ministries or Departments are directed to clear Air India's dues immediately." "Air tickets from Air India may be purchased in cash till further instructions."



In 2009, the Centre had mandated that Central government officers travel via Air India for all official purposes including availing of LTC. On Monday, conglomerate Tata Group entered into a share purchase agreement with the Central government for buying out the latter's stake in national carrier Air India, Air India Express, and AISATS.

Keep Reading Show less
Pixabay

Sports betting has become increasingly popular among the youth in recent times

Sports betting has been around for centuries for the audience to not only watch the sport but to get more deeply involved in the match. It is a fun and often profitable activity for the viewer to win some extra fortune or simply get some extra sweat while watching the game. At first glance, sports betting may look like it's pure luck, but when you indulge deeper into the activity you realize it is more of a calculative and research activity than just pure luck. We must note that yes, luck does play a certain role to some extend but a win is not completely dependent on luck, if you're putting your bets on a certain team you have to make sure to do some research about the players on the team, history of wins and losses of the team and compare the probability of winning and then place bets.

Even though sports betting has existed since the ancient era, it was not until recently that it became increasingly popular among the youth. This happened due to the legalization of the activity and the rise of online sports betting. The technological revolution has expanded the sports betting industry, offering the bettors new markets and ways to bet. The only major difference between online bookmarkers and traditional brick-and-mortar venues of sports betting is that now you can place bets online from your mobile devices, laptops, computers etc.

Keep reading... Show less