The Impact of Computer Crime on Business

Computer criminals cost billions in damages to businesses and individuals across the globe each year. Regardless of business efforts, there appears to be no end in sight to the growing threat of computer crime.

Billions in Losses

The FBI has reported that computer criminals costs U.S. businesses about $67 billion a year, according to Silicon.com. In a survey cited by President Obama, Americans have lost $8 billion in the past two years to computer crimes.

Security Costs

Silicon.com reports that businesses annually spend billions of dollars battling computer crimes.

Growing Problem

Cyber attacks have been around since the Internet was created, according to "Time", and computer crime is growing more frequent. In that same article, it was reported that the Pentagon said there were 360 million attempts to break into computer networks in 2008.

Tech-Savvy Criminals

Cyber criminals are getting smarter, learning new methods of attacking computers. A Canadian teen, for example, caused an estimated $1.7 billion in damages in a 2000 "denial-of-service" attack on eBay and Amazon.com, the "Time" article reported.

Cyber Warfare

Criminals from China and Russia have infiltrated the U.S. electrical grid and planted software aimed at damaging the system, according to "Time." In turn, the Defense Department plans to create a command unit aimed at battling computer warfare.

References

• "Time;" A Brief History of Cybercrime; Randy James; June 1, 2009
• Silicon.com: Computer crime tab costs US business dear; Joris Evers

Resources

• Computer Crime Research Center: Computer crime: cyber fraud