Computer Crimes (Cyber Crimes)
Sivaranjith Kumar GaliveetiUniversity of the CumberlandsBusiness Continuity and Disaster Recovery, ISOL 632
June 3, 2018
Top 5 Cyber-crimes by the Tommie singleton, PA/CITP/CFF, Ph.D. published by American Institute of CPA’s(AICPA) aicpa.org.
Computer Crimes (Cyber Crimes)
Computer crime is also known as a Cyber Crime is an illegal activity defined by means of electronic operations that targeting the Security things about the computer, computer data processed. Cybercrimes involves lots of issues like stealing the information from a computer system or a computer network by using computer programing as a tool for committing crime.
Computer Crime Impact on business Organizations
There are many different types of cybercrime; most cybercrimes are carried out with the expectation of financial gain by the attackers, though the ways cybercriminals aim to get paid can vary
While the financial losses due to cybercrime can be significant, businesses can also suffer other disastrous consequences as a result of criminal cyberattacks, including:
Damage to investor perception after a security breach can cause a drop in the value of a company. In addition to potential share price drops, businesses may also face increased costs for borrowing and greater difficulty in raising more capital as a result of a cyber-attack.
Loss of sensitive customer data can result in fines and penalties for companies that have failed to protect their customers’ data. Businesses may also be sued over the data breach.
Damaged brand identity and loss of reputation after a cyber-attack undermine customers’ trust in a company and that company’s ability to keep their financial data safe. Following a cyber-attack, firms not only lose current customers, they also lose the ability to gain new customers.
Three Major types of computer crimes
According to my research I found the following 3 types of computer crimes are the major crimes reported by the FBI.
1.Corporate Account Takeovers
3.Theft of Intellectual Property
1. Corporate Account Takeovers
According to the FDIC Cyber and Fraud and Financial Crimes Section1, Mr. David Nelson states that “Many of the small and mid-sized businesses and their financial institutions suffered about the $120 millions in loss due to the electronic funds transfer fraud in the third quarter of 2009, and also a $85 million from two years earlier. Overall According to the FBI, only in the November 2009 losses were about the $100 million.
By conducting the research on this issue, they came to know that these corporate account takeovers held in the different forms. The First and foremost important thing is the “Electronic Funds Transfer Fraud (EFTF), such as Automatic Clearing House or wire transfer, there are mostly two schemes involves in this those are
Acquiring the login credentials:
•These login details are acquiring the accomplished using a malicious program distributed as email attachments, unintended web-browsing download or file transfer of any malicious programs, such as Trojan.
•The user inadvertently allows this malicious program leads to the share their login credentials to the hackers without any knowledge.
Unauthorized access to the victim’s computer:
•Cybercriminals use special hacker tools to hijack the victim’s computer or their personal devices to get the access. Generally, each and every banking system alerts the user if he/she is using operating the accounts from the unauthorized computers, so hacker uses that computer as a trusted source to avoid that security alerts and conducts the fraudulent wire transfers out of the victim entity’s bank account.
According to the javelin2 strategy website they state that “Identity Fraud Incidents increased in 2012 for the second successive year, affecting 5.26% of US adults. This may lead to the two more severe fraud types, new account fraud (NAF) and account takeover fraud (ATF). Javelin’s ‘2013 Identity Fraud Report’ provides a brief analysis of fraud trends”.
For the security and audits control a computer security institute (CSI) conducts an effective internal security audit identifies cyber security risks and assesses the severity of each type of risk and provides the three strategies that can help management to develop the security for their organizations those strategies are listed as:
1.Timely and proactively handling the vulnerabilities, including the Trojan files.
2.Using the least-access privileges, and maintain the firewalls and intrusion Detection systems are critical protection.
3.Monitoring systems, technologies and access, such as various logs and also a Detection strategy’s for alerting the any security issue.
2. Identity Theft:
According to the identity thefts resources Center (ITRC) identity theft complaints placed first in the 2012 in the Federal Trade Commission’s (FTC) list of complaints by compared with all the other cyber-attacks. Identity theft is increased by 32% from 2011 to 2012. ITRC states that identity theft has been the FTC’s number one complaint about the 13 consecutive years. A javelin Strategy & Research survey shows an increase of 13 % in 2011 when compared with 2010, and a total of 11.6 million of victims are effected with identity theft only in the united states in 2011.
Generally, identity theft typically occurs when cybercriminal steals a person’s personally identifiable information. This type of cybercriminal does not really benefit unless there is a financial reward for the effort or some type of data damage. Thus, identity theft serves as a gateway to the so many of other cybercrimes such as tax-refund fraud, credit-card fraud, loan fraud and so on…
Following are some examples of the identity theft’s malicious purposes:
Opening a line of credit.
Purchasing goods or services by using the credit card information.
Renting or buying a house or apartment.
Receiving medical care.
According to the sun-sentinel3 Newspaper serving in south Florida Dated on March 3rd of 2015 states that “Among the metro areas, south Florida topped at the list for the ID-theft complaints for the fifth year in a row, according to figures released by Federal Trade Commission. Beyond than 30,000 Floridians complained of identity theft, giving the state the uppermost rate i.e. 186 per 100,000 followed by Washington and Oregon.
The National Consumer League(NCL), a Private nonprofit organization suggest some security tips like Resist clicking on suspicious links or attachments that are came in the E-mails, in a form of text messages or on the web. These are often containing malware that can hijack your computer and steal sensitive personal information like SSN, login credentials of any banking or some related to the personal E-mail, social accounts.
NCL also strongly recommends that create the strong and unique passwords that are not repeated if they also suggest that using a combination of letters, number and symbols they can create more security password ever.
3. Theft of intellectual Property
Intellectual property including the commercial, copyrighted materials music, movies and books also is at risk of being stolen. Although music owners have risen on the list of sufferers of cybercrimes in the past decade, commercial entities include that holds copyright so patents need to also remain on safeguard.
Intellectual property theft is problematical by state sponsored hacking, particularly in China. According to a New York times article, Chinese hackers have stolen products blueprints, manufacturing strategies, clinical trial results, pricing documents negotiation strategies and other trademarked info from a large number of commercial entities in the united states. Including Coca-Cola, Lockheed Martin and many others.
According to The New York Times4 dated May 19, 2013. Chinese hackers put some spying tools on some organizations. According to the Security professionals, the cyber unit was responsible for a 2009 attack on the Coca-Cola Company that coincided with its failed attempt to acquire the china Huiyauan Juice Group. Again, in 2011, it attacked RSA it’s a maker of a data security products used by American government agencies and defense contractor and used the info it collected from the attach to break into the computer systems of Lockheed Martin, the aerospace contractor.
According to the Mr. Mandiant who works for the times of New York at that time. He said that “Chinese hackers had stopped their attacks after they were exposed in February and removed their spying tools from the organizations they had infiltrated.
By observing the all the scenarios and the security tips provided by the all the security agencies I conclude that by following the all the security measures and taking the all some precautions like maintain the strong login credentials, firewall systems and alarm systems for the each and every organization they can avoid these types of the computer hackings.
For protecting the each and every individual personal information like the loin credentials for the banking system and the all the social accounts are should maintain with the strong password as per the expert’s suggestions like creating the password with combination of upper and lower cases of alpha numeric and some special symbols and also prevent the clicking of any unknown links and attachments.
Top 5 Cyber-crimes by the Tommie singleton, PA/CITP/CFF, Ph.D. published by American Institute of CPA’s(AICPA) aicpa.org
Al Pascual 2013 Identity Fraud Report: Data Breaches Becoming a Treasure Trove for Fraudsters, javelinstrategy.com/coverage-area/2013-identity-fraud-report-data-breaches-becoming-treasure-trove-fraudsters
Florida leads nation in fraud, ID theft, sun-sentinel.com/news/florida/fl-florida-leading-fraud-id-theft-20150303-story.html
New York Times, Hackers From China Resume Attacks on U.S. Targets,www.nytimes.com/2013/05/20/world/asia/chinese-hackers-resume-attacks-on-us-targets.html?pagewanted=all&_r=0