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Introduction
While cybercrime has become synonymous with web operations that lead to the latest complicated illegal activities. These are criminal activities that are carried out through the use of computers using the internet (Lakshmanan, 2019). Furthermore, nowadays, information is a goldmine and, a source of wealth that is utilized in a split a second by hackers who get data and personal information from servers, thus, stealing money. The literature review describes cases of cybercrimes across the globe and proposes some of the defensive mechanisms that can be implemented to prevent future occurrences.
Prevalence of Cybercrime
Although there are many financial challenges countries face, cybercrime remains among the top crimes that are multi-faceted globally. According to the latest research carried out on different organizations, it makes the top four list of illegal activities that are a threat to humanity (Lakshmanan, 2019). Besides, various surveys indicate how it is perpetuated and is ever-increasing across the globe. Furthermore, what makes its prevention impossible is the time it takes for a criminal to carry out his activities regardless of boundaries or territories. Lakshmanan (2019) asserts that for every three seconds, personal information is stolen without the individual knowing. Therefore, this shows the versatility of this crime which takes place virtually or remotely without people noticing that their information has been stolen. Conversely, there are various instances of cybercrimes that have happened globally whose impact has left devastating economic ramifications.
Cyber Banking Threat in South Africa
South African banks use one central computer to process the clientele data. This helps in virtualization, which encompasses the use of multiple small computers to work together. Similarly, the mainframes are superior in size to servers as they are designed to offer high scalability and availability with some replaceable parts such as interface adapters and disks. As such, the aforementioned components can be changed without shutting down the server. Consequently, the banks face various cybersecurity challenges, including reputation maintenance, protection of clients information, and critical infrastructure (Lakshmanan, 2019). Therefore, criminals use these loopholes to exploit developing countries whose security controls are weak, thereby targeting multinational companies and individuals in the most developed states.
Many incidents show how vices are on the rise in South Africa. Lakshmanan (2019), asserts that phishing attacks are on the increase where they target video users who are tricked into giving out login details of their accounts by hackers. They are facilitated through spam mail which installs the malware on the victims computers. In turn, they penetrate the systems, thus, copying data in multiple locations and accessing highly protected information. For instance, in 2016, the southern state increased its position from sixty-seven to twenty-two in the list of countries at risk of cyber-attacks (Lakshmanan, 2019). Similarly, in 2014 the country recorded high rates of cyber-attacks. Further, it was ranked number one as a phishing destination and 7th among the countries where hacking originates from, respectively (Lakshmanan, 2019). This shows that there has been a continuous increase in a vice over the years. Also, data from the Ant-Phishing services in South Africa shows that in 2012, there were 1942 cases. This led to the loss of $ 6,828,072 million in 6 months (Cassim, 2015, p. 68). This illustrates the economic implications of cybercrime in the country as aforementioned.
Credit and Debit Cards Information Stealing
The stealing of personal information by impersonators has been on the increase, and it is facilitated through hacking. Recent studies have shown that numerous losses have been incurred by various countries across the globe as a result of this theft. For instance, in the year 2012, it led to $24.7 billion, 1.3 annual Sterling Pounds in Britain, and 1b Rand in the South Africa economy losses, respectively (Cassim, 2015, p. 68). In addition, three men were charged for hacking and stealing data on debit cards from Dave & Busters restaurant branches in the United States in 2007. This led to the loss of $600,000 from the eateries in addition to another one billion dollars theft from TJ Max (Lakshmanan, 2019). Therefore, this shows the impact of cybercrime not only on the individual companies but also, on the financial well-being of countries.
Furthermore, 2 men were prosecuted in New Delhi for using individuals debit card information and stealing from 10,000 to INR 40,000 for every account (Lakshmanan, 2019). The arrested men were working with an international ring of fraudsters showing how cybercrime has become prevalent in every continent. Similarly, the Australia National Bank was attacked through email spamming in 2006 and 2007 in Russia (Lakshmanan, 2019). In another incident, the Blue Security company in California and Israel that specialized in spam detection against hacking was targeted in a cyber-attack through the use of DDoS, and as a result, the company closed down.
Refutation
The evidence against the grievous nature of cybercrimes is enormous, with losses estimated to run into billions. In 2012, its costs to the global economy were estimated at $ 575 billion, while the accumulation of losses worldwide reached $800 million in 2013 (Ajayi, 2016, p. 2). On the contrary, even though various laws have been passed to curb the vise, nothing has happened as crime is ever on the increase due to the anonymity of the offenders. There are no ways of knowing the person breaking the law since the global system on information accessibility is free, and therefore, a person can log in from anywhere (Ajayi, 2016, p. 2). As a result, the uncensored communication systems perpetuate cybercrime as criminals can use different gadgets to hide the IP address, thus making it impossible to pin the exact location of the offender.
Further, if the location of the computer is identified, the next challenge is to disclose the identity of the person to the service provider in cases where there are multiple users. Consequently, in reality, if the hackers cannot be traced in time, how will the laws against such crimes work? (Ajayi, 2016, p. 4). Similarly, the campaign to enact provisions that are likely to end the freedom of individual privacy in internet use has been vigorously opposed by lobby groups and human rights. This offers latitude to cybercrime suspects as the vice continues thriving.
Conclusion and Recommendations
In summation, cybercrime remains the biggest challenge against humanity across the globe. Although there is an increase in awareness creation among banks, organizations, and states, the anonymity of the criminals makes it futile to prevent the vice. As a result, people have been scammed, leading to the loss of billions of dollars. Therefore, to curb the threats resulting from illegal activities, various recommendations should be implemented.
To begin with, both individuals and business entities should be educated on the protection of their personal information, especially on emails and debit cardsfurthermore, law enforcement agencies to form collaborations for the benefit of combating theft through impersonation. Similarly, governments should work with other service providers to protect individual and public organizations information domains. Also, the state encourages local banks and other credit bureaus to enhance the security features in the provision of services to their customers. Lastly, the police work with victims in the provision of advice and assistance during mishaps.
References
Ajayi, E. F. (2016). Challenges to enforcement of cyber-crimes laws and policy. Journal of Internet and Information Systems, 6(1), 1-12.
Cassim, F. (2015). Protecting personal information in the era of identity theft: Just how safe is our personal information from identity thieves? Potchefstroom Electronic Law Journal, 18(2), 68.
Kumbhar, M., & Gavekar, V. (2017). A study of cybercrime awareness for prevention and its impact. International Journal of Recent Trends in Engineering and Research, 3(10), 240-246. Web.
Lakshmanan, A. (2019). Literature review on Cyber Crimes and its Prevention Mechanisms. ResearchGate. Web.
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