Cybercrime: huge costs and a bright future

Cybercrime: huge costs and a bright future

Studies show that cybercrime still has a very bright future: cyberattacks worldwide should indeed generate by 2020 losses estimated at one billion dollars, which is twice of the losses as of today, according to the president of the Russian bank Sberbank, the third European bank as for capitalization.

The number of cyberattacks in the bank industry has indeed increased further during this month of September. Therefore it is even more difficult to fight them. In Russia, the fight against cybercrime “is one of the top priorities” of the Russian state, as mentioned by the president of the Central Bank of Russia, Elvira Nabiullina. “It is essential to improve and guarantee greater immunity to our banking system,” as she explains. Prime Minister Dmitry Medvedev had earlier indicated that the threat of cybercrime in the banking sector is “transnational in nature”, also adding that hackers’ attacks against banking systems had resulted, early 2016, to some losses of around 500 billion dollars estimation  worldwide.

Russia is not the only country to experience huge losses due to cybercrime. Clearly is lacking elsewhere statistics to realize the extent of the influence of cybercrime in our economies and societies increasingly connected.
This can probably be best seen in the UK. Recently, the country has decided to be stricter in spotting national crime statistics. As a result, cybercrime now leads against all other forms of criminality, regarding the number of cases. Cybercrime represents 53% of the UK crime as a whole.

UK case is interesting to study and is probably symptomatic of what is happening around the world. And it also raises the question of how cybercrime cases are identified. Indeed unfortunately, the methods for collecting data and investigating about cybercrime are often outdated, causing criminal realities are never really described.

One cannot fail talking about the dark figure of crime. This means how some crimes are committed and remain unknown, or simply never get reported. When one considers the number of frauds managed by both banking and financial systems, which often compensate the victim for the fraud amount, such cybercrime cases are rarely reported to authorities.

In practice, few victims do know what to do and are reluctant to report the case to the authorities.
Considering the addiction to the Internet of Things, the piracy will continue to expand and evolve with the increasing use of technology and connected devices.
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