The whole world is now dependent on the internet & technology and this growth of the internet & technology has had a huge positive impact on human lives but with it came the risks of cyberattacks. If you are someone who is using a computer or mobile phone or any tech device then you are likely to be exposed to a cyber attack.
Cyberattacks can have huge effects on not only individuals but also on governments and businesses. Let’s have a look at some of the effects of Cyber Crimes and Cyber Attacks:
1. Cyberattacks Affect Everyone
Cyberattacks have become so common nowadays and according to recent reports, a computer in the USA is attacked by hackers every 39 seconds. This shows how common cyberattacks have become. When a cyberattack happens then it is not a single individual that is harmed by the attack but thousands and millions of people can be harmed just because of a single cyberattack.
An example of millions of people being affected by Cyberattacks is in Atlanta City where the city was attacked by ransomware and the attackers asked for ransomware of $51,000. This was such a devastating attack that the city of Atlanta was offline for five whole days and it caused disruptions of major operations citywide. Plus, the recovery cost of this attack was estimated at about $17 million.
Cyberattacks, when they occur, affect all the people who were linked to that business or organization. These attacks are very dangerous and can even lead to the loss of human lives. Nuclear Plants can also be attacked by hackers which can lead to nuclear disasters and loss of human lives.
2. Damage to Businesses and Loss of Jobs
In recent years, there has been an increase in the number of hacks and breaches on the companies, causing millions of dollars in damages to recover the data and penalties for having weak cybersecurity. This not only deals damage to businesses but can also affect the employees and cause them to lose their jobs. After a company is hit by a cyberattack, it has to pay a hefty amount in fines and damages which results in the company cutting some of its employees and people losing their jobs.
An example of huge businesses being affected by cyberattacks is Yahoo, one of the huge names in the web industry that suffered a data breach that affected all of its 3 billion customer accounts and it cost the company around $350 Million.
3. Individuals Are Also Not Safe
Not only are nations and businesses affected by cyber threats but individuals are also affected. For individuals, the biggest concern is identity theft and personal information theft where the hacker attacks an individual, steals the individual’s personal information and sells it for profit over the internet.
This puts the personal safety of both the individual and his/her family at risk and it has happened on numerous occasions where individuals were targeted by hackers and the victims had to lose thousands and millions of dollars.
Usually, high-profile people and celebrities are attacked by the backers and they use blackmail and extortion to demand ransom money, otherwise, they threaten to take further action. There have also been cases where hackers have got hold of household devices and invaded people’s privacy.
4. Increased Awareness & Implementation of New Laws
Cyberattacks and cyber concerns have one benefit after all and that would be increased awareness and new laws to protect people and businesses from cyber-attacks. This would result in increased regulations and legislation, with harsher penalties on the people who perform cyber attacks.
Many nations around the world have already implemented these laws and regulations such as India. A few years ago, the Government of India announced the Digital India Programme to promote digitalization in the countries and make services such as JKPaySYS, ePunjab School, etc easily accessible to the people. For the protection of digital services and data of the citizens, the government also passed the Data Protection and Cyber Security Bill in India which aims to prevent privacy misuses, data breaches, and abuses.
The governments also need to create awareness among the general public and let them know about the cybersecurity laws and how to deal with a cyberattack in case you happen to be a victim of one.
5. The Advent of Technology & Cyberattacks
Nowadays, cloud computing and the usage of the cloud have become greater than ever. More and more people are starting to use the cloud to store their sensitive information such as banking details, credit card details, passwords, etc and the need for cybersecurity has become greater than ever.
The advent of technology has led to an increase in cybercrime because almost everyone is now reliant on the internet & IT for communication means and this means a golden opportunity for cybercriminals. The advent of technologies such as the cloud, social media, etc has led to many cyber attacks occurring all over the world and this makes cybersecurity more important than ever.