Friday April 19, 2019
Home Lead Story What’s the Tr...

What’s the True Cost of Cybercrime?

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. 

0
//
hacker
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.

crime
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.

cyber crime
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. 

Next Story

FBI-Affiliated Portals Information Made Public by Hackers

The hackers "exploited flaws on at least three of the organisation's chapter websites - which we're not naming - and downloaded the contents of each web server," the report said.

0
hacker
The hackers "exploited flaws on at least three of the organisation's chapter websites - which we're not naming - and downloaded the contents of each web server," the report said. Pixabay

A group of hackers has broken into several FBI-affiliated portals and uploaded the contents online that contained personal information of federal agents and law enforcement officers.

According to a TechCrunch report late Friday, the hackers breached three websites associated with the FBI National Academy Association located at the FBI training academy in Quantico, Virginia.

hacking

The hackers, whose identity is still unknown whether they are an independent group or nation-state actors, used public exploits, indicating that “many of the websites they hit weren’t up-to-date and had outdated plugins”. Pixabay

The hackers “exploited flaws on at least three of the organisation’s chapter websites – which we’re not naming – and downloaded the contents of each web server,” the report said.

The hacker claimed to have “over a million data” on employees across several federal agencies and public service organisations in the US.

They also put the data up for download on their own website.

hacking
The data contains member names, a mix of personal and government email addresses, job titles, phone numbers and postal addresses. Pixabay

“We hacked more than 1,000 sites. Now we are structuring all the data, and soon they will be sold. I think something else will publish from the list of hacked government sites,” a hacker told TechCrunch.

The data contains member names, a mix of personal and government email addresses, job titles, phone numbers and postal addresses.

Also Read: Facebook Messages Inscribed on Internal Components Through Virtual Reality

The hackers, whose identity is still unknown whether they are an independent group or nation-state actors, used public exploits, indicating that “many of the websites they hit weren’t up-to-date and had outdated plugins”.

The FBI was yet to speak on the incident. (IANS)