Cybercrime is extremely contemptuous to national authorities and physical borders, and such activity can spread criminal events internationally in a matter of seconds. Violation of copyright laws. Nation-state sponsored attacks remain grave concernÂ. The Presidential Policy Directive 41have determined universal definitions as follows: “a.   Cyber incident. The causal issue is uncertain because there were no significant industry and policy mediations that would initiate visible deviations in reporting. (Loman, 2017). Types of cybercrime 1. A lot of things and laws needs to come in place before cyberworld become safer place.  United against cyber-crime, people on this planet will win over and aggressively fight back to strengthen national cybersecurity position in a limitlessly connected world.  The whole planet needs to contribute to make an important difference with a sound and multidimensional approach against cybercrime. One of the most recent and shocking example was the reported cyber-attack on the World Anti-Doping Agency (WADA), the one who suggested that all Russian athletes should be banned from participating in 2016 Rio Olympics, because it was exposed that the Russian government covered up doping use at the 2014 Winter Games in Sochi. Disclaimer: This work has been submitted by a student. Retrieved from: https://www.wsj.com/articles/lawsuit-claims-another-global-banking-hack-1463695820, Breland, A.  (2017, June 13).   Microsoft Releases New Update Citing Concern Over State-Sponsored Attacks.   Retrieved from: http://thehill.com/policy/technology/337646-microsoft-releases-unusual-update-out-of-nation-state-concerns, Cimpanu, C.  (2017, October 11).  Ransomware Dark Web Economy Increased by 2,502%. Internet technology is in charge of the global immediate interaction that comes by advantage of technology. Many Russian-speaking cyber groups are threatening UK interests, but home-grown cyber criminals are becoming more sophisticated and therefore a rising threat. The concepts of advanced threats, sponsored nation … Cybercrime continues to fuel cybersecurity market growth. Six men have been arrested by the NCA as part of an international investigation into the so-called QQAAZZ group, a money laundering network which laundered millions on behalf of the world’s most prolific cyber criminals. - A court order restricting internet access. - A criminal record, that could affect education and career prospects. This data has been collected from the database located at federal, state and local government.  The results in the left graph show that Finance and Insurance, Health Care, and Government entities have experienced the highest occurrences of reported breaches.  Looking at the graph on the right, its shown that Government agencies and companies within Education and Information systems are affected at a higher rate compared to all other industries.  It is definitely true that not all cyber incidents are reported, detected, or recorded in database, neither that there are currently reliable methods that would estimate the number of ‘unknown’ cyber-attacks. According to author of an article” Vietnam’s TienPhongBank Stops attempted fraud through Swift System”, Peyton (2016), the bank authorities explained that bank performs transfers using third party infrastructure from an outside vendor who was hired to link it to the Swift system ban uses for messaging.  The bank did not reveal the service provider name, although the bank has immediately stopped cooperation with that vendor and switched to a new system with much stronger security that enables bank to connect directly with Swift. Those changes and technology evolution will not stop here, rather it will continue to bring new ways people operate, communicate and conduct their businesses on global level. Cyber crime is rife within the UK with the legal sector continuing to be a jewel in the crown for cyber criminals. If you are a victim of cyber crime please report it to Action Fraud, the UK's fraud and cyber crime reporting centre. Cyber threats have been described as “among the gravest national security dangers to the United States” (The White House, 2015), and “an enormous and an exponentially growing threat” (Comey, 2013).  In 2013, the President Obama, signed an executive order that directed NIST to build a framework that would serve as a dependable guideline for information security best practices. The impact of cybercrime on your business is not only potentially damaging to your reputation but it could also be damaging to your intellectual property. Emotional and mental health consequences of cybercrime; 10 key recommendations for US and UK governments to follow; Nature and scale of cybercrime in the US and the UK. Continuing improvement in cybersecurity requires comprehensive, coordinated and joint approach throughout stakeholder community. Sentencing for cybercrime What is the sentence for cybercrime in 2021? Contact Us to learn more about SOCaaS. Effects of Cyber Crime on Society Cyber crimes are growing at a rapid rate and these crimes have a great deal of negative effect on our society. For a small business, customer information theft can paralyze operations or put a company out of business. Ransomware attacks are easy to do and majority of victims are willing to pay for ransom in order to quickly gain back access in their computer system.  Some of the recent and well-known ransomware attacks that stroke computer systems across the world are Cerber, Locky, and the most famous one, WannaCry, which was the greatest challenge of the year, according to cybersecurity experts.  The total profit of ransomware sales sold on dark web are estimated to be between $250,000 to over $6m for just one year. We're here to answer any questions you have about our services. State sponsored cyber-weapons are now a very real threat to our various blends of Liberal Democracy – from espionage (e.g. For example, cybercrime statistic reports in security systems industry may cause fault estimate of hacking incidence by reporting low-level programmed interruptions that actually do not interrupt functioning or eliminate important information. This microlearning course on Consequences of Cybercrime is designed to raise awareness on how cybercriminals target individuals and organisations. The only difference is that while drug “mules” smuggle quite small amounts of illegal drugs across the border, cyber “mules” commonly use their personal accounts to keep and handover millions of dollars fraudulently deposited from virtually robbed banks. However, cyber fraud has something in common with the worldwide distribution of illegal drugs. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Cybercrime Laws in the UK. In the event a significant Federal Government interest is served by issuing a public statement concerning an incident, Federal responders will coordinate their approach with the affected entities to the extent possible. (Romanosky, 2016). This include the following: Protection from Harassment Act 1997. The Secret Service explains that their responsibility as a part of fighting frauds will be to investigate “computer-based attacks on our nation’s financial, banking, and telecommunications infrastructure.” (IBLS, 2017).   Also in the IBLS article (2017), the leader of NCIJTF group, Shawn Henry said that: “Our response has to constantly change and grow because the threat is constantly changing and growing.” (IBLS, 2017). Most cyber attacks could be prevented by taking these basic security steps: For further advice on how to stay safe online please visit Cyber Aware, Get Safe Online or the National Cyber Security Centre. The Departments of Justice and Homeland Security have to provide updated contact information available for general public in instances when cyber incidents happen, where and how to report such events to the appropriate authorities. Despite all the benefits that internet technology has to offer, there are some downsides that also makes our world smaller.  One third of population across the globe still does not have access to internet and technology, therefore those countries have difficulties to catch up with the rest of the world, and therefore they are actually falling behind or even stand still in comparison with the countries with advanced communication industries. Online crime is affecting millions people and numerous businesses across the globe on a daily basis. Expenses that individuals pay someone to fix malware problems, to wipe and restore computer or smartphone, is usually unrecorded, therefore analysts are unable to take that into a count when they analyze cybersecurity costs. Graphic bellow shows the total number of incidents across the four different categories with data breaches shown in the left graph, and all are shown in the right graph. The left graph shows the most recurrent incidents by industry, whereas the right graph demonstrates the incident occurrence rate. That Insane, $81M Bangladesh Bank Heist? Cyber attacks are financially devastating and disrupting and upsetting to people and businesses. *You can also browse our support articles here >, http://www.internetworldstats.com/stats.htm, https://www.wsj.com/articles/lawsuit-claims-another-global-banking-hack-1463695820, https://www.bleepingcomputer.com/news/security/ransomware-dark-web-economy-increased-by-2-502-percent/, https://www.fbi.gov/news/podcasts/thisweek/james-comeys-confirmation-hearing.mp3/view, http://www.experian.com/blogs/data-breach/2017/06/27/survey-companies-ill-prepared-global-data-breach/, https://www.thenational.ae/business/money/cyber-crime-could-trigger-a-global-crisis-1.371191, http://www.ibls.com/internet_law_news_portal_view.aspx?id=2044&s=latestnews, https://www.cnbc.com/2016/05/15/vietnams-tien-phong-bank-says-it-was-second-bank-hit-by-swift-cyber-attack.html, http://www.zdnet.com/article/ransomware-is-now-big-business-on-the-dark-web-and-malware-developers-are-cashing-in/, http://www.tandfonline.com/doi/full/10.1080/15564886.2016.1211404?scroll=top&needAccess=true, https://www.whitehouse.gov/the-press-office/2015/02/25/fact-sheet-cyber-threat-intelligence-integration-center, https://www.theguardian.com/technology/2017/may/12/global-cyber-attack-ransomware-nsa-uk-nhs. b.  Risk-Based Response. The Federal Government will determine its response actions and the resources it brings to bear based on an assessment of the risks posed to an entity, our national security, foreign relations, the broader economy, public confidence, civil liberties, or the public health and safety of the American people. This absence in reporting can possibly mean that the rise is due an increase of actual events such as more security intrusions happening in the organizations. For major cyber security incidents, this PPD 41 is to coordinates the wider Federal Government response. Currently, what is happening among many countries, the joint effort to pursue cyber-criminal investigation nationally is showing some good results. According to statistic graph bellow, United States appears to be the most prepared country to fight cybercrime, but it also showed that the U.  S is the number one target for cyber espionage and cyber -attacks. We know that there is significant under-reporting, although the new General Data Protection Regulation is likely to prompt a better picture of scale. But that is not only thing that will continue to grow and develop. The Bank could have lost even more, to be exact $850 Million, luckily, a spelling error in one of the transactions prevented a further robbery. The Scope of the Presidential Policy Directive 41 is to direct the Federal Government’s response to any cyber security event, for both government and private sectors. As the new technology arises, the criminal minds who are skilled enough to make a quick money on the easiest way possible, with big chance for not being caught, will grow in number and progress their skills. It is recommended that organizations and companies should think of ways to improve security, as long as justifying these risks will balance off the costs. Any crime that involves fraud is covered by existing UK fraud laws, most recently the Fraud Act of 2006. Cyber crime and the law The UK has strict laws around cyber crime and committing a cyber offence can result in hefty fines and imprisonment, with life sentences possible in the most serious of cases, for example for a large-scale cyberattack that causes a threat to national security. Soon after the news about the Bangladesh Bank theft got spread across the globe, Tien Phong Bank in Vietnam reported that it had suffered a similar event which was also performed in similar way, through SWIFT transaction. The most common cyber threats include: The scale and complexity of cyber attacks is wide ranging. Being arrested 6. Graph bellow shows the list of countries from most prepared to least prepared for cyberattacks.  (Desjardins, 2017). Data presented in the graph shows increase of events from year 2005 on, though the amount of reported data breaches in some instances is to a greater degree than some other incidents.  For example, data breach reports experience four-time increase in 2014 year compared to 2005 year. Its members will evaluate current security actions to establish what needs to be done to strengthen and protect the computer networks better. The most public things in the flourishing of IoT are voice activated assistants, cars, household appliances and other systems, medical devices, smart meters, personal health and fitness trackers, and many more. As well as disrupting the current generation of cyber criminals we also want to prevent young people from slipping into cyber crime. The White House, Office of the Press Secretary. As soon as one application has been taken under control and taken down, the other one appears to replace the old one.   It seems that there is no a long term solution to handle this never ending trend, rather, it seems an undoubtedly a quick fix measure. Schmidt served as the cybersecurity adviser to the White House during part of the George W. Bush administration, and he also has worked as the chief security officer for major computer and Internet companies.” Written by author Boland, (2008). Governments around the world have historically struggled to meet these threats, but that is changing as the consequences of attacks become increasingly ominous. People who commit cyber crimes are often well organised and believable online. Effects of cyber bullying Cyber bullying affects people from any age or walk of life, including children, teens and adults who all feel very distressed and alone when being bullied online . Retrieved from http://www.pewinternet.org/2017/06/06/the-internet-of-things-connectivity-binge-what-are-the-implications/, Romanosky, S.  (2016, August 8).   Examining the costs and causes of cyber incidents.  Retrieved from https://academic.oup.com/cybersecurity/article/2/2/121/2525524, Schallbruch, M.  (2017, April 24).   Common Challenges in Combating Cybercrime.   Retrieved from https://blog.esmt.org/dsi/?p=606, Stalans, L. J. 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