Common Example of Cybercrime

Common Example of Cybercrime

Some of the more commonly seen cybercrime attacks include distributed DoS (DDoS) attacks, which are often used to shut down systems and networks. This type of attack uses a network's own communications protocol against it by overwhelming its ability to respond to connection requests. DDoS attacks are sometimes carried out simply for malicious reasons or as part of a cyber extortion scheme, but they may also be used to distract the victim organization from some other attack or exploit carried out at the same time.Phishing campaigns are used to infiltrate corporate networks by sending fraudulent emails to users in an organization, enticing them to download attachments or click on links that then spread viruses or malware to their systems and through their systems to their company's networks.Other common examples of cybercrime include illegal gambling, the sale of illegal items like weapons, drugs or counterfeit goods and the solicitation, production, possession or distribution of child pornography.Effects of cybercrime on businesses:The true cost of cybercrime is difficult to assess accurately. In 2018, McAfee released a report on the economic impact of cybercrime that estimated the likely annual cost to the global economy was nearly $600 billion, up from $45 billion in 2014.While the financial losses due to cybercrime can be significant, businesses can also suffer other disastrous consequences as a result of criminal cyber attacks, including the following:

⦁Damage to investor perception after a security breach can cause a drop in the value of a company.

⦁In addition to potential share price drops, businesses may also face increased costs for borrowing and greater difficulty in raiting more capital as a result of a cyber attack.

⦁Loss of sensitive customer data can result in fines and penalties for companies that have failed to protect their customers' data. Businesses may also be sued over the data breach.