Cybercrime impacts nearly every location on the globe. DataEndure’s Digital Defense SOC-as-a-Service (SOCaaS) is an ideal solution for companies to augment their own security capabilities. Common types of cyber crimes include cyber terrorism, identity theft and spam. It specifically examines the nature, causes and consequences of cybercrime in Nigeria. Terri Howard works for FEI behavioural health, a company that … Cyber-crime is a serious criminal offence under the Computer Misuse Act. The first step to fighting it is understanding its scope and reach. Cybercrime, also called computer crime, the use of a computer as an instrument to further illegal ends, such as committing fraud, trafficking in child pornography and intellectual property, stealing identities, or violating privacy.Cybercrime, especially through the Internet, has grown in importance as the computer has become central to commerce, entertainment, and government. Perhaps it is due to its complexity and multi-layered character that cybercrime has become a … Summary: The term cyber crime involves using computers and Internet by individuals to commit crime. Liability for the breach can pose a financial hardship. Cyber crimes have emerged rapidly in the last few years and have major consequences. Cybercrime may threaten a person, company or a nation's security and financial health. The computer may have been used in the commission of a crime, or it may be the target. Cyber criminals are doing every thing from stealing money, hacking into others computer, stealing intellectual property, spreading viruses and worms to damage computers connected on the internet and committing frauds. Knowledge of cyber laws and legal considerations and their effect on cyber planning. Cyber Terrorism: Cyber terrorism, also known as information wars, can be defined as an act of Internet terrorism that includes deliberate and large-scale attacks and disruptions of computer networks using computer viruses, or physical attacks using malware, to attack individuals, governments and organizations. A cyber incident that is (or group of related cyber incidents that together are) likely to result in demonstrable harm to the national security interests, foreign relations, or economy of the United States or to the public confidence, civil liberties, or public health and safety of the American people.” But cybercrime isn't just a major issue for big businesses and national governments. One of the most palpable effects of cyber crime is its disastrous monetary consequences. In cybercrime, truth is in the eye of the beholder. Cyberstalking: A very common type of cybercrime that some people don’t even recognize as a crime is that of cyberstalking. Cybercrime continues to cause serious financial impact to economies -- to the tune of close to $600 billion. Cyber crime can involve botnets, computer viruses, cyber bullying, cyber stalking, cyber terrorism, cyber pornography, Denial of Service attacks, hacktivism, identity theft, malware and spam. Cybercrime and social media are global problems which are impacting society. Sometimes mistakenly perceived as a victimless crime, cyber-criminals are causing their victims emotional, physical and financial trauma, an expert claimed at the (ISC) 2 Congress in Orlando, Florida, on September 12, 2016. Cyber Crime in Nigeria: Causes, Effects and Remedy. The maximum penalty is three years imprisonment or fines over $30,000. Victims of cybercrime are suffering emotional trauma which can lead to depression, an expert warned . Consider the effects of having an intellectual property like business ideas, marketing campaigns, or business expansion plans stolen or exposed. In this article, we take a look at the major causes and effects of cyber crimes in Nigeria as well as ways of combating the menace. 2 days before Christmas 2016, a … They could give a reader just a basic idea of the overall damage caused by illegal activities. Cybercrime generates many headlines, with huge data breaches at major corporations and computing systems of government agencies being shut down for ransom. Cyberterrorism is known for the merging of cyberspace and terrorism. The psychological damage caused by these losses can be considerable, especially in cases in which the perpetrator first began a romantic relation with the victim online and then went on to blackmail them. McAfee, an industry leader in device-to-cloud security, teamed up with the Center for Strategic and International Studies (CSIS) to study the global economic impact of cybercrime. This is where people illegally hack into computers and networks to simply steal people’s information, such as; their identity (Weimann, 2004, p.1). Analyzing the cyber crime ecosystem is a very complex task, due to the multitude of entities involved, and their different means and methods. And if in any other research or business field it is somehow easy to define cause and consequence, in cybercrime it is not. Since the turn of the century the evolving state of Cyberwarfare and Cybercrime; technologies, capabilities, and resources, has grown by leaps and bounds. Malicious cyber activity threatens the public’s safety and our national and economic security. In the literature there are various research studies on investigating the effects of cybercrime on the banking sector. Cyber sex, unsolicited commercial communications, cyber defamation and cyber threats are included under content-related offenses. Effects Of Cybercrime And Social Media 984 Words | 4 Pages. This typically takes place with the use of social media and intimidates the victim. The chief aim of all cyber crime is economic; that is, most crimes are committed with the goal of securing greater wealth. Effect of Cyber Security threats A cyber threats can cause major damage to your business and your personal life. As of last year there had been a cost around $388 billion on global economy. Cybercrime has become the new normal and is greatly affecting the financial industry. This is when one individual subjects another to a myriad of online messages and emails that harass and degrade. Every day, crimes are committed against leading companies which were thought to have top security protocols in place. The National Crime Agency and police take cyber-crime extremely seriously and will make every effort to arrest and prosecute offenders. Contact Us to learn more about SOCaaS. 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