The origin and the process of cybercrime

● Cybercrime existed long before the advent of the internet in traditional ways. As
explained by Johansen (1991; 2010) crime shown in history as the ‘Invoice for all
seasons’ in tax evasion, bribery, fraud, and invoicing by criminals in countries such as
Norway. This was most prevalent in the 70s and 80s.
● The first internet crime report was recorded in 1997, in which The FBI reports that over
85% of US companies had been hacked, and most don’t even know it, and by 2001
internet fraud was found to have tripled (Associated Press, 2003) and in 2002, Internet
Fraud Complaint Center reported seventy-five thousand complaints (Bennet, 2003).
● According to Pericherla (2021) cybercriminals commit cybercrimes using different tools
and techniques but the basic process of performing the attacks is the same in general in
which the process or steps involved in committing the cybercrime can be specified in 5
steps namely Reconnaissance, Scanning and Scrutinizing, Gaining Access, Maintaining
Access and Covering the tracks.
● Various studies show that cybercriminals use online meeting places to meet suitable co-
offenders or to buy criminal tools from enables (e.g., Peretti 2008; Lu et al. 2010; Holt
and Lampke 2010; Yip et al. 2012; Soudijn and Monsma 2012; Holt 2013; Holt and
Smirnova 2014; Decary-Hétu and Dupont 2012; Decary-Hétu et al. 2012; Motoyama et
al. 2013; Lusthaus 2012; Dupont et al. 2016). However, this does not mean that all
cybercriminal networks are using these online meeting places, and the structure of
cybercriminal networks, therefore, is always decentralized and flexible.

The dangers of cybercrime

● E. R. R. Leukfeldt et al (2018) stated that hosting providers offering legal services, such
as renting out server space, or shady or illegal services, such as bulletproof web hosting,
make it very difficult for law enforcement agencies to intervene.
● According to Identity-Theft-Scout.com, which is an IT Governance Limited Affiliate
Program, some of the more common examples of criminal activity include spamming,
credit card fraud, software piracy, denial of service attacks, dissemination of child
pornography, cyberbullying, computer viruses, phishing, email spying, and cracking. The
potential for harm is severe for not only business but for casual users as well.
● According to Kumar (2022) Last year, cybercrime became more expensive. Data breach
costs increased from $3.86M in 2020 to $4.24M in 2021 per organization breached.
COVID-19 had a negative impact too; the average cost of a breach was $1.07M higher
when remote work was a root factor, compared to when it wasn’t. When attacks involve
healthcare, the result may not just be financial but could result in loss of life.

The risk of lack of awareness

● Bluovoyant (2022) referred cybercrime is construed as using a computer as a weapon,
or instrument, to advance or secure something deemed illegal in which some of its
examples are stealing identities or intellectual property, committing fraud, or violating
privacy laws. The top 5 cybercrimes affecting businesses and individuals in 2022 are
Phishing Scams, Website Spoofing, Ransomware, Malware and IOT Hacking.
 ● According to National Cybercrime UK (2022) cyber criminals seek to exploit human or
security vulnerabilities in order to steal passwords, data or money directly. The most
common cyber threats include Hacking, including of social media and email passwords,
Phishing, also known as bogus emails asking for security information and personal
details, Malicious software, which are including ransomware through which criminals
hijack files and hold them to ransom, and Distributed denial of service (DDOS) attacks
against websites – often accompanied by extortion.
● Although all industries are vulnerable to cyberattacks, the financial technology industry is
most susceptible to online threat actors. In fact, a study by ImmuniWeb revealed that
around 98% of the global 100 fintech startups are at risk for encountering a cyberattack.

The number of victims worldwide, and local cybercrime

● According to estimates from United Nations cyber security experts, roughly 80% of all
cyber-based crime is committed by sophisticated gangs of criminals engaged in highly
organized operations. The gangs operated just like legitimate businesses in that they
maintain regular work hours with a hierarchy of members, working in tandem to create,
operate and maintain whatever fraud it is they are focused on.
● According to Statista.com, in June 2021, there were 98.41 thousand cyberattacks
reported in the Philippines, reflecting a significant decline from the same month of the
previous year. The number of cyberattacks in the country were exponential during the
first quarter of the year, reaching as much as around 1.76 million.
● Although all industries are vulnerable to cyberattacks, the financial technology industry is
most susceptible to online threat actors. In fact, a study by ImmuniWeb revealed that
around 98% of the global 100 fintech startups are at risk for encountering a cyberattack.
● Overall, more than half of global internet users have ever experienced cybercrime.
Based on survey results from November 15 to December 7, 2021, internet users in India
were most likely to have fallen victim to cybercrime, as 76 percent of respondents in the
country claimed to have ever experienced cybercrime. Internet users in Brazil were in
second place, with 69 percent of U.S. respondents stating that they had been victimized
online. Common types of cybercrime include encounters with malicious software on
digital devices or unauthorized access to social media and e-mail accounts.