Project Report

On
The Humans are perpetually degrading, view this
statement in light of continously growing cybercrimes
globally

Submitted to:

Submitted By:

Dr.Archana Seghal

Ravi
04015103914
MBA 4th Semester

Introduction
Cybercrime
Cybercrime is a fast-growing area of crime. More and more criminals are
exploiting the speed, convenience and anonymity of the Internet to commit a
diverse range of criminal activities that know no borders, either physical or
virtual, cause serious harm and pose very real threats to victims worldwide.
Although there is no single universal definition of cybercrime, law enforcement
generally makes a distinction between two main types of Internet-related crime:
Advanced cybercrime (or high-tech crime) sophisticated attacks against
computer hardware and software;
Cyber-enabled crime many traditional crimes have taken a new turn with
the advent of the Internet, such as crimes against children, financial crimes and
even terrorism.
The emergence of modern technology has brought about advancement in
globalization. Computers and the internet have brought advancement with
respect to the way people work, play and interact with each other. However
computers and the internet have presented new ways to engage traditional
crimes such as theft, fraud and piracy in the 21 st century. These crimes due to
the internet have become organized and sophisticated, leading to what is
currently known as Cybercrime. The study therefore sought to analyze the
implications of cybercrime, which has become an international problem. It
further discussed on the weaknesses and challenges of existing laws and
regulations. The qualitative method of analyzes was used in conducting the
research work. The method focused on using secondary sources related to

cybercrime and mainly sourced secondary materials such as existing books,

articles and journal articles. The study found out that the implications of
cybercrime have been witnessed in areas such as the economies of companies,
governments, societal behaviour, the market value and the national security of
nations. The study recommended that in order to prosecute cybercrime, a
common framework must be created to punish criminals irrespective of where
the crimes were committed. Even though most countries have enacted
cybercrime laws, there is the need for a collective approach to fight the menace.
The international community needs to revisit the issue of sovereignty since this
has become a major standing block in the fight against cybercrime.
The cost of cyber crime for the global economy has been estimated at $445
billion (266 billion) annually.
Cyber espionage and stealing individuals' personal information is believed to
have affected more than 800 million people during 2013.
Financial losses from cybertheft could cause as many as 150,000 Europeans to
lose their jobs, according to a report conducted by internet security company
McAfee.
Cyber crime damages trade between nations, competitiveness, innovation, and
global economic growth, and slows the pace of global innovation.
McAfee is calling for governments to begin a serious, systematic effort to
collect and publish data on cybercrime to help countries and companies make
better choices about risk and policy.
Studies estimate that the internet economy annually generates between $2
trillion and $3 trillion, a share of the global economy that is expected to grow
rapidly. Based on Center for Strategic and International Studies (CSIS) analysis,
cybercrime extracts between 15 per cent and 20 per cent of the value created by
the internet.
Despite one London-based business losing $1.3 billion (800 million) in a
single malicious attack during 2012, the majority of cyber criminals still have
substantial difficulty in monetising their stolen data.
The total cost of cyber crime to the UK economy alone was $11.4 billion during
2013, the equivalent to 0.16 per cent of the GDP. Retailers lost more than $850
million during the same period as a result of penalty free financial crime.

The figures do not come as a surprise to security professionals and big

businesses, said Mark Sparshott, EMEA director of security firm Proofpoint.
He said the attraction of cybercrime to many criminals was due to its relatively
low level of risk.
"The volumes of attacks are increasing because it is a profitable business model
for organised crime," he said. " With cyber crime there is no risky getaway
because the attack is routed through hundreds or thousands of PCs in dozens of
countries, making it almost impossible to trace. The internet makes most attacks
anonymous and untraceable and that is really attractive to cybercriminals.
Raj Samani, EMEA Chief Technology Officer for McAfee, agreed. It is clear
that cyber crime has a real and detrimental impact on the global economy. Over
time, cyber crime has become a growth industry; the returns are great, and the
risks are low, he said.
"As more businesses move online and more consumers connect to the internet,
the opportunities for cybercrime will only grow, making it imperative that
countries work together now to proactively tackle cyber crime.

Cyber Attacks Rise

Cyber attacks were cited among global risks that remain serious, along with
fiscal crises in key economies, high unemployment and social instability. There
are five risk categories covered: economic, environmental, geopolitical, societal
and technological.

Cyber attacks are cited as the greatest risk in North America, followed by
extreme weather events and data fraud and theft. North America is the only
continent where technological attacks cyber attacks and data fraud and theft
are predicted.

Major risks in other regions include involuntary migration, water crisis, energy
price shocks, internal conflict, failure of national governance and profound
social instability.

The technological risks cited in the report include adverse consequences of

technological progress, a breakdown of information infrastructure, major cyber
attacks and massive data fraud and theft.

Critical information infrastructure breakdown is cited as one of the 10 most

challenging global risks. The leading global risks are a failure of climate change
mitigation and large-scale, involuntary migration.

Technologys Downside

While there is hope that emerging technology will improve productivity, the
spread of technologies is giving rise to individual innovations and disrupting
business models. Internet-related technologies like automation of knowledge
work, the Internet of Things, the mobile Internet and cloud technology will be
the most disruptive. But the failure to understand and address risks related to
technology could impact national economies, especially the cascading effects of
cyber risks.

Cyber attacks have emerged as the most likely and potentially most serious risks
for the last two to three years in North America. Incidents have increased both
in scale and frequency.

To date, most cyber attacks have been isolated, focused on a single nation or
entity. But the Internet of Things will lead to more connections between
machines and people. This rising interaction will lead to cyber dependency,
which survey respondents cited as one of the most important global trends. This
dependency will raise the odds of a cyber attack.

In the U.S. and Canada, the two risks cited as the highest concern for doing
business are cyber attacks and asset bubbles. Cyber attack is the top U.S. risk,
followed by data fraud and theft. The risks related to the Internet and cyber
dependency are regarded as the highest concerns for doing business.

Cyber Attackers Target Businesses

Public and private services are becoming more vulnerable to cyber attack.
Cyber attack includes cyber crime, espionage and state-sponsored exploits. The
attacks are increasingly made against businesses. Cyber crime alone cost the
global economy $4.45 billion in 2014. Companies in all industries and sizes
have been impacted. Consequences have ranged from reputational to legal and
economic.

Cyber attack is viewed as the risk of greatest concern to eight economies: The
U.S., Germany, Japan, Estonia, the Netherlands, Malaysia, Singapore and
Switzerland. In two countries, public sector organizations have suffered cyber
attacks: The U.S. Office of Personnel Management and the Japanese Pension
Service.

Government-Sponsored Attacks Rise

The threats of government-sponsored espionage surpass the defensive

capabilities of many businesses. Companies are accepting the fact that they
cannot hope to prevent all cyber attacks. Preventing these attacks is just as hard
as identifying and mitigating them. Many attacks are not immediately
discovered.

An emphasis is needed on streamlining mechanisms for early detection,

response and recovery, and to better manage the consequences.

Cyber crime cannot be fought unilaterally. While companies can follow

standard practices or adopt tailored ways to address it, cooperation throughout
the value chain with law enforcement is needed. One reason is that attacks can
be made through supplier systems.

Public-private partnerships are often difficult due to lack of trust and misaligned
incentives. Businesses fear exposing data and practices to competitors and law
enforcement.

Governments need to balance their investments in cyber offensive weapons to

enhance capabilities for cyber security.

The growing interdependence between machines and people can diminish

organizations ability to protect their enterprises. Organizations may not fully
understand cyber security risks. Particular focus is needed in mobile Internet
and machine-to-machine connections. It is important to integrate physical and
cyber management.