What Is Cybercrime?

Date First Published: 10th June 2023

Topic: Cybersecurity

Subtopic: Threats To Systems, Data & Information

Computer Terms & Definitions

Difficulty Level: 3/10

Learn about what cybercrime in this article.

Cybercrime is a type of criminal activity carried out by a computer and a network. A person that engages in cybercrime is known as a cybercriminal. Cybercriminals exploit vulnerabilities in systems and networks or use deception tactics in order to steal information, passwords, data, and money from individuals and organisations. Cybercrime may be carried out by individuals or groups with little technical knowledge or large global cybercrime groups with very high expertise and technical knowledge which use very sophisticated methods to hack into systems and networks and steal sensitive information.

The advances in technology have led to an increase in cybercrime, particularly financial crimes, like fraud and money laundering. Since cybercriminals don't need to be physically present when carrying out criminal activities, this has made it easier for them to get away with it and cause worldwide havoc. Often, cybercriminals use secure software and networks to remain anonymous and avoid being traced. Fortunately, security technologies, mechanisms, and policies, including strong passwords, two-factor authentication, encryption, antiviruses, intrusion detection systems, proof of identity, and VPNs have helped minimise the risks of cybercrime.

Forms Of Cybercrime

Cybercrime comes in thousands of forms and it is not possible to list every form of cybercrime here. Since most forms of cybercrime have already been covered in the articles on this site, we will not explain each form of cybercrime in detail here.

The most well-known type of cybercrime is fraud, where cybercriminals use deception tactics to steal money from individuals and organisations or buy items in their name. They may send phishing emails to a large number of people at once and claim to come from a trusted bank to steal their details so that they can commit bank fraud. They may also phone a large number of people at once and make up a scenario, like saying that money has been stolen from their account, to trick people into giving away their details. Different types of fraud include debit and credit card fraud, online shopping fraud, holiday fraud, and lottery fee fraud.

Whilst most forms of cybercrime are carried out for financial gain, non-monetary activities like intentionally infecting computers with viruses to corrupt and steal data and hacking into networks and systems that the user has no permission to access for identity theft purposes (black hat hacking) are also considered forms of cybercrime.

Effects Of Cybercrime

Since cybercrime covers a very wide range of criminal activities, it can cause all sorts of issues for individuals and businesses. Below is information on how cybercrime can affect individuals and businesses in general.

Effects On Individuals

Identity theft, fraud, and data breaches all have a negative impact on individuals. Sensitive information, like bank details and passwords, could go to the wrong people. As a result, individuals may notice suspicious items purchased in their name that they didn't purchase by themselves or credit card and bank accounts opened up in their name, leading to unwanted charges and large financial losses.

Cybercriminals could also use any stolen personal information for blackmail purposes and threaten to publicly share it. Individuals could also lose lots of documents, photos, spreadsheets, and databases, all of which could have important or emotional value, from a ransomware attack demanding hundreds or thousands of pounds to release their files and can become very distressed if they are gone forever with no way of recovering them.

Effects On Businesses

Cybercrime can cause great financial losses for businesses, particularly businesses that heavily rely on networks and systems. Businesses can also suffer from the theft of sensitive data, which can lead to fines and penalties, and a damaged brand image due to cybercrime. This is because it loses customer's trust in the business to keep their data safe. As a result, businesses may not only lose current customers. They may also lose the ability to gain new customers. In addition, they may also experience greater costs from a cyberattack, like higher insurance premium costs. At worst, this can lead to businesses no longer being able to afford to run.

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