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Effects of cyber crime

Identity Theft

When an individual become victim of cyber crime, he/she develops long lasting effects on his/her life. One common method which the criminals use is phishing in which they send false emails to the victim claiming to come from a financial institution or bank asking for personal data. When the victim gives his/her information to them, his personal info can be easily accessed by the criminal. The data includes credit and bank accounts. The criminal may end credit rating or open new bank accounts. This kind of damage may take years to fix, therefore guarding your online information is something significant to learn.

Security Costs

The criminals of cyber crime even target their attacks on small as well as large-scale businesses. Hackers may try to get access to the servers of the company for stealing information or using the machines for their aims, requiring firms for hiring people and updating the software for keeping the stalkers out. As mentioned by EWeek, a study of larger businesses revealed an overall expenditure of 8.9 million dollars annually on cybersecurity, with 100% of organizations surveyed reporting the occurrence of one malware in the last year and seventy-one percent reporting taking over company’s computers by the unknowns.

Monetary Losses

The total financial loss caused by cybercrime can be huge. According to a Symantec report in the year 2012, above 1.5 million individuals become victims of some kind of cyber crime each day, varying from simple password hacking to huge financial losses. The average loss of one victim is one hundred and ninety-seven dollars, which adds up to above one hundred and ten billion dollars lost due to cybercrime globally each year.  As people get clever towards developing new techniques for protecting themselves and their personal information, the criminals opt for new methods as well including mobile phones and social sites for keeping their illegal gains flowing.


Piracy has main effects on the software, music and entertainment industries. The damages are beyond our imagination and they are difficult to guess. The damage is in billions of dollars annually. In reaction to this, the copyright holders have petitioned for stricter legislations for addressing the property theft. For example, Digital Millennium Copyright Act lets the copyright holders for targeting the file sharers and charging them for huge bucks to counter-act the fiscal loss of their online activities.

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