Impact of Cyber Crime

As a result of difference activities taken place in the cyber space some individuals use the cyberspace for their selfish interest. So, what is cybercrime?

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Cybercrime is any form of criminal activities that involves network or computer. Either the computer or network is being attack or used to carrcarryy out an attack, such attack is refer to as cyber-attack. Examples of these cybercrime are network intrusions, terrorism, malware software such as viruses or spyware, bullying, stalking etc. As technology is advanceing daily so also cybercrime is increaseing daily also.

Cybercrime not only harm someone financial life and security, the health of the person, organization and the but also companies, organization, and the government is affected too.

A lot of people haved lost their properties, and some have died because of cyber-attacks effect and the economy of different countries too hads suffered because of cyber-attacks; so the impact of cyber-attack cannot be underestimated.

According to McAfee report $1.5billion in the year 2012 was lost as result of debit card and credit card fraud that take place in United State. In 2014 report from McAfee estimated $445 billion damage to the economy. In the year 2017, cybercrime cost the global economy $600 billion according to McAfee report. (Mcafee, 2021). Just in the month of March 2021, 21 million record of breaches areis already recorded already accord to IT governance. On 3rd April 2021, 533 million Facebook data breaches cost an estimated figure of $3.7 billion (Businessinsider, 2021). The increase in progression ofin the increase in the damage cause by cybercrime to the economy show that urgent attention is needed when it comess to be paid on the effect of cybercrime in our society.

Let us briefly look at the impact of cybercrime in some part of the world, Report gotten from McAfee

1. In Germany it is estimate that $64 billion cybercrime damages occur per year.
2. Russia 1.2 billion of email passwords was acquired by a group of attackers.
3. In Sub-Saharan Africa $2 billion of cybercrime loss was recorded as of 2018.
4. United Arab Emirates estimate $1.4 billion losses because of cybercrime damages per year.
5. Middle East and Northern Africa recorded $3.5 billion losses.
6. North America estimated $157.5 billion losses.
7. USA recorded $1billion lost in cybersecurity insurance sold in the year 2016.
8. $ll billion lost in intellectual property theft annually in USA.
9. Mexico estimated $3 billion loss in economic damages yearly.
10. Canada report 45% increase in cybercrime between the yearyears 2014 to 2016.
11. East Asia $ the pacific which include countries like China, Australia, Japan, and many more recorded $160 billion losses because of cybercrime.
12. South Asia recorded $11 billion losses because of cybercrime.

These are some of the impact of cybercrime according to McAfee on difference part of the world. As a result of this increase it become so importance for everyone to understand how to keep themselves safe and secure in the cyberspace.