What is Cybercrime?

Cybercrime refers to illegal activities carried out via computers, networks or the internet. It can range from hacking and identity theft to malware distribution and financial fraud. Cybercrime has increasingly become a global problem as individuals, businesses and governments can fall victim to digital threats.

To better understand cybercrime, we can break it down into different types, look at the perpetrators and look at the possible consequences and prevention methods. 

Types of cybercrime

There are many types of cybercrime, but the most common are:

1. Hacking refers to unauthorised access to computers or networks. Hackers may attempt to steal data, alter information or simply cause damage. Some hackers do it for political reasons (so-called hacktivists), while others are financially motivated.
2. Phishing is a form of fraud where criminals try to trick people into providing sensitive information, such as login details or credit card numbers. This is often done through fake emails that look like messages from legitimate companies.
3. Malware (malicious software) is a broad term for harmful programmes that can infect a computer or network. This can be viruses, spyware or ransomware. Ransomware typically locks the user's files and demands a ransom to release them.
4. Identity theft occurs when a criminal steals personal information, such as social security numbers or bank details from customers or individuals to commit fraud. This can lead to fraudulent invoices, misuse of company accounts or false business agreements that can damage a company's finances and reputation.
5. Financial fraud against businesses can include false invoices, CEO fraud (where attackers pretend to be a company executive and ask for wire transfers) or supplier and contract fraud. Attackers often exploit trust and lack of security controls in financial processes to manipulate companies into transferring money to fake accounts or investing in non-existent services.
6. Distributed Denial of Service (DDoS) attacks happen when criminals overload a website or server with a large amount of traffic, making it inaccessible to legitimate users. This can be used as blackmail or simply to create chaos.

The perpetrators of cybercrime

Cybercrime can be carried out by various actors, including:

• Individuals: Some hackers act alone and attack businesses or individuals for personal gain.
• Organised criminal groups: Professional networks of cybercriminals are behind many of the biggest scams, often for financial gain.
• State-sponsored hackers: Some nations fund cyber attacks to spy on other countries or disrupt critical infrastructure.
• Insider threats: Employees or former employees can abuse their access to company data for personal gain or revenge.

Consequences of cybercrime

Cybercrime can have serious consequences for both individuals and organisations. Attacks can be widespread, causing financial loss, privacy compromise, reputational damage and even paralysing business operations.

Financial losses occur when hackers steal money directly through fraud or theft. Ransomware attacks, where attackers lock access to data and demand a ransom, can also lead to large financial costs. For businesses, this means not only loss of money, but also potential fines for data security breaches and lost business opportunities.

Loss of confidential company data can have far-reaching consequences. In addition to losing business-critical information, organisations also risk having intellectual property, customer information or strategic documents compromised.

Reputational damage can hit companies hard if they suffer a cyberattack. Customers and partners often lose trust in a company that has failed to protect their data, which can lead to loss of business and negative publicity.

Operational disruption can occur if an attack paralyses the company's systems. This can mean downtime for days or weeks, causing production stoppages, IT system downtime and lost business opportunities. This can have direct financial consequences, especially for companies with tight supply agreements or dependence on continuous IT operations.

How to protect yourself against cybercrime

While cybercrime is a serious threat, fortunately, there are many ways to protect yourself to reduce the risk. Here are some of the most important steps you can take to protect yourself:

1. Use strong passwords: A strong password should be long and contain a combination of letters, numbers and special characters. Use a password manager to keep track of them.
2. Enable two-factor authentication (2FA): 2FA adds an extra layer of security by requiring a verification code in addition to your password.
3. Update software regularly: Keep your operating system, apps and antivirus software up-to-date to close security gaps. For businesses, this should be standard on all critical systems, especially for administrators and external connections.
4. Be sceptical of emails and links: avoid clicking on unknown links or downloading attachments from suspicious senders. Organisations should automate software updates and ensure all devices are running the latest security patches.
5. Use a reliable antivirus solution: A good antivirus programme can detect and remove malware before it does any damage. IT departments should implement email filtering systems and train employees to recognise phishing attempts. Companies should invest in centralised security solutions that protect the entire organisation's network and devices.
6. Back up your data: Make sure you have backups of important files so you don't lose them in an attack. For businesses, a structured backup strategy is essential where data is automatically backed up and stored remotely in secure environments.
7. Use secure networks: Avoid using public Wi-Fi networks without a VPN (Virtual Private Network) as they can be insecure. For businesses, remote working should be secured with VPN solutions and access control policies.

FAQ - Frequently asked questions