What is cybercrime? How to protect yourself
What is cybercrime?
Criminal action that targets or makes use of a computer, computer network, or networked device is known as cybercrime. The majority of cybercrime is perpetrated by hackers or cybercriminals looking to profit. Sometimes, though, cybercrime seeks to harm networks or computers for purposes other than financial gain. These could be personal or political.
Organizations or individuals can commit cybercrime. Some cybercriminals are quite technically proficient, well-organized, and employ cutting-edge methods. Some are not experienced hackers.
Types of Cybercrime
- Hacking: Gaining unauthorized access to systems or networks.
- Phishing: Deceptive emails or messages designed to steal sensitive information.
- Identity Theft: Using someone else’s identity to commit fraud.
- Ransomware: Encrypting files and demanding payment for their release.
- Online Fraud: Scams to deceive users and steal money (e.g., fake websites or investment scams).
- Denial of Service (DOS): Overloading a network/system to make it unavailable.
One or both of the following are components of cybercrime:
>criminal behavior that exploits malware, such as viruses, to target computers.
>criminal behavior that involves committing other crimes utilizing computers.
Cybercriminals may use malware to infect computers in an attempt to harm or disable them. They might also erase or steal data via malware. A Denial-of-Service (DoS) attack is another way that cybercriminals can block people from accessing a website or network or stop a company from offering software services to its clients.
Using computers or networks to disseminate malware, illicit data, or illicit photos is an example of cybercrime, which is the use of computers to perpetrate other crimes.
Cybercriminals frequently combine the two. They might start by infecting PCs with viruses, which they can then exploit to propagate malware to other computers or over a network. The use of a computer as an accessory to criminal activity is recognized by some jurisdictions as a third type of cybercrime. Storing stolen data on a computer is one example of this.
Examples of cybercrime
Here are a few well-known instances of the various forms of cybercrime attacks that cybercriminals employ:
1. Malware attacks
A malware assault occurs when a computer virus or other malware infects a network or computer system. Cybercriminals could employ a malware-infected PC for a number of reasons. These include damaging data, stealing private information, or utilizing the computer to commit other crimes.
The WannaCry ransomware attack, a worldwide cybercrime that occurred in May 2017, is a well-known illustration of a malware attack. Ransomware, such as WannaCry, is a type of software that extorts money by holding the victim’s device or data hostage. The ransomware was designed to exploit a flaw in Microsoft Windows machines.
In 150 countries, 230,000 systems were impacted by the WannaCry ransomware outbreak. Users received a notice requesting payment of a Bitcoin ransom in order to unlock their data after being locked out.
It is believed that the WannaCry cybercrime cost $4 billion in lost revenue globally. The strike is notable to this day for its magnitude and effect.
2. Phishing
Sending spam emails or other communications with the goal of deceiving recipients into taking an action that compromises their security is known as a phishing campaign. Phishing campaign messages may ask for private information from the recipient or include dangerous attachments or links to websites.
In 2018, a well-known instance of a phishing fraud occurred during the World Cup. Our research, 2018 Fraud World Cup, claims that emails addressed to football enthusiasts were part of the World Cup phishing scam. With fictitious free vacations to Moscow, the site of the World Cup, these spam mailings attempted to lure supporters. Personal information was collected from anyone who opened and clicked on the links in these emails.
Spear-phishing is a different kind of phishing campaign. These are targeted phishing tactics that aim to deceive particular people into endangering the safety of the company they work for.
Spear-phishing messages are usually designed to appear as though they are from a reliable source, in contrast to mass phishing efforts, which have a very generic appearance. For instance, they are designed to appear as though they were sent by the IT manager or the CEO. They might not have any visible indicators that they are fraudulent.
3. Distributed DOS attacks
One kind of cybercrime assault that cybercriminals use to knock down a system or network is called a distributed denial of service (DDoS) attack. DDoS assaults are occasionally launched by linked Internet of Things (IoT) devices.
A DDoS assault overloads a system by bombarding it with connection requests via one of its common communication protocols. The threat of a DDoS attack is one tactic used by cybercriminals engaged in cyberextortion to extract money. As an alternative, a DDoS could be employed as a diversionary strategy while another kind of cybercrime occurs.
The 2017 DDoS attack on the UK National Lottery website is a well-known illustration of this kind of attack. As a result, UK citizens were unable to play the lottery since the website and mobile app were offline. Although the attack’s cause is still unknown, it is believed to have been an attempt to blackmail the National Lottery.
Impact of cybercrime
Cybercrime is generally increasing. Security threats rose 31% between 2020 and 2021, according to Accenture’s State of Cybersecurity Resilience 2021 report. Every year, the number of attacks per organization rose from 206 to 270. Since many businesses hold sensitive data and customer personal information, attacks on businesses also damage individuals.
According to insurance provider Hiscox, a single attack, whether it be malware, ransomware, a DDoS attack, or a data breach, costs businesses of all sizes an average of $200,000. Many of the impacted companies cease operations within six months of the incident.
In 2021, Javelin Strategy & Research released an Identity Fraud Study that revealed $56 billion in identity fraud losses for the year.
Cybercrime may have a significant impact on both people and businesses, mostly causing financial harm but also harming reputations and eroding confidence.
