Combating Cyber Crime: Global Strategies and Cost

6529 Words27 Pages
Combating Cyber Crime:
Global Strategies and Cost

Guillermo Dumois
Florida International University

Table of Contents Introduction 3 The Increase of Cyber Crime and Attacks 5 Motivations 6 Scale of Attacks 8 Cyber Attacks Impact on Business 9 Estimating Costs of Attacks to Business 10 Direct Costs of Cyber Attacks 12 Indirect Costs of Cyber Attacks to Business 13 Analysis of Financial Costs to Business and Consumers 14 TJX Security Breach - Financial Analysis 15 TJX Stock Comparison 16 TJX Financial Ratios 17 Financial Costs of Attacks 21 Combatting and Preventing Cyber Crime 22 The Role of Government 22 Global Strategies to Prevent and Fight Cyber Crime 23 Conclusion 24 References 25
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Consumer confidence over the retention and use of their personal information is of utmost importance to the future of e-business.
A host of issues surround the security of e-commerce transactions. Cyber crime must be prevented by businesses in order to protect the storehouse of personal and private information of their customers and consumers such as addresses, credit card information, PINS, security questions, passwords, and personal information. Cyber attacks are also of concern, as they can cripple systems. With the emergence of this new source of revenue potential comes the added cost of security to businesses. Adequate and reasonable security measures are required in order to maintain a balance of low-cost and high security. The consequences of failing to adequately protect such information are evident and costly. Consumer lawsuits, consumer complaints, and costly settlements are all potential pitfalls for the unwary business. Loss of goodwill, reputation, and share value are other tangible consequences. The financial impact of cyber-crimes and cyber-attacks on business can be analyzed by considering the magnitude of likely incidents along with the financial cost of implementation of security measures. A balance must be struck between protecting consumer information and creating a user-friendly
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