Last year, cybercrime cost the global economy an estimated $9.5 trillion dollars.
To put that in perspective, that number is greater than the Gross Domestic Product of any single nation on Earth, with the exceptions of the US and China. Cybercrime could essentially be considered the world’s third-largest economy.
Cybercrime is often portrayed as primarily an act being committed against consumers by scammers in a darkened basement. The media loves that image, but it’s not accurate anymore. Cybercrime is practically its own industry these days, and a huge portion of it is targeted at businesses like yours. Basically, if you use a computer to run your business in any way, you’re a potential target.
But what constitutes cybercrime? In this post, we examine the many aspects of cybercrime from the perspective of the merchant: what it is, what it costs, how it works… plus ways to keep your business from becoming a victim.
Cybercrime is a real threat to your business. It shows up as financial fraud, data theft, and operational shutdowns, each with serious costs. It’s not a matter of if you’ll be targeted, but when.
But, what qualifies as cybercrime? What defines a cybersecurity breach?
Read MoreScammers attempt millions of cyberattacks each year. But, most are pretty small-scale operations. What does it look like when scammers target one of the biggest fish in the sea?
From Facebook to Google to the Green Bay Packers, here are some notable examples of cybercrime attacks, pulled straight from the headlines.
Read MoreIn addition to direct losses, you could spend thousands closing breaches, addressing leaks, and possibly paying a ransom to have data released. You could also be looking at substantial legal costs and compliance fines. And we won’t even talk about the long-term damage to your brand.
So, what could you expect of a typical, moderate-scale cyberattack?
Read MoreHaving a plan before an attack means a faster reaction, fewer surprises, and a better shot at recovery. A clear, step-by-step response can limit damage and protect your business.
From isolating the threat, to informing affected parties, to what you should do in the aftermath of an attack, here’s a basic, step-by-step guide to how to respond to a cyberattack.
Read MorePreventing cybercrime isn’t just about avoiding human mistakes; it means protecting every payment and system. Use fraud tools, secure payment gateways, tokenization, and encryption. Plan ahead with cyber insurance, continuity strategies, and trusted security partners. Keep systems updated, and don’t forget: your vendors’ security matters just as much as your own.
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Some examples of cybercrime include phishing, ransomware attacks, payment card fraud, business email compromise (BEC), social engineering, eSkimming, data breaches, denial-of-service (DoS) attacks, and malware distribution.
Cybercrime is any illegal activity that involves a computer or digital system, which may include stealing personal information, hacking into databases, spreading viruses, or scamming people or businesses via the internet.
The most common form of cybercrime is phishing, when scammers use fake emails or messages to trick people into giving up personal information like passwords or credit card numbers.
The most common form of cybercrime is phishing, when scammers use fake emails or messages to trick people into giving up personal information like passwords or credit card numbers.
In the United States, key investigators are usually the FBI or the FTC. Some crimes, however, may also involve the Secret Service or Homeland Security. State and local police sometimes handle smaller or local cybercrime cases.
Yes. Cybercrimes involve breaking laws that protect data, privacy, and online systems. These actions are crimes and can lead to fines, lawsuits, or jail time, depending on the circumstances.
People responsible for cybercrime can include hackers, inside persons, scammers/fraudsters, or state-sponsored actors. Also, cybercriminal gangs run large-scale scams, ransomware attacks, and data theft operations.
