The Impact Of Technology On The Financial System

The most up to date forms of web security cannot even keep up with the fraudulent ways of these criminals. Even though there are crimes that could be committed without the use of the internet, the internet provides these intelligent criminals with the information and tools to commit them with greater ease (Shinder). These criminals can acquire the information in a matter of mere seconds, leaving the internet user helpless and often unaware the attack even took place. Some cybercriminals are so talented, they commit these crimes out of “the sheer enjoyment in manipulating or "outsmarting" others” (Shinder). Governments all across the world may even seek out some of the world’s top cybercriminals to help them prevent from

Cyber security is one of the most significant issues facing world leaders today. Besides, threats from cyber attacks pose serious challenges to global network. In fact, most governments recognize the need to implement cyber security in Information and Communications Technology (ICT) systems. Cyber security is important because it ensures security of information. ICT systems encompass various aspects of the government. For instance, ICT systems cover national security, well being and economy of the government. Essentially, cyber security ensures that reliable information is relayed to the right systems. Notably, Australian authorities are increasing awareness on cyber crimes. Additionally,

As technology is used worldwide, it is in no way hard to get your hands on, or learn how to use computers etc. One of the most significant problems with cybercrime is it’s secretive nature; many protection devices which can be cracked will not pick up that they have been, therefore the majority of cybercrime will go unnoticed for a substantial amount of time. Combined with the world wide web, hackers can use the computers to gain information from any organisation around the world, penetrating even the most impenetrable organisations to get what they want, highlighting how technology has led to the process of globalization within the criminal world.

Firstly, cyber attacks are increasing and by 2017 the cyber security network is expected to cost $120.1 billion. Cyberattacks are getting so common, there are on average 18 victims per second, and 556 million per year. Banks are now being targeted, with 68% of fraud being unrecoverable, also 60% of banks targeted were forced to close business, the rates of cyber crime is increasing and the Australian law isn’t coping or acting fast enough to prevent and solve cases.

The next section of this paper presents opinions concerning the efficiency of Australia’s strategies in addressing the threats, opportunities, and targets of cyber-attacks. All things considered, it is apparent that the Australian government's conception of cybersecurity is sufficient enough to provide the needed cyberspace security in the nation, meaning that this essay is against the essay topic.

Furthermore, fraudsters use social engineering to deceive the bank customers and gain access to sensitive online credentials (Schneider, 2013, p. 480). Unfortunately, fraudsters use phishing to hold clients’ customer data through making phone calls or sending emails to determine information on the payment cards. Moreover, the information obtained through phishing enables the fraudsters to obtain access and make withdrawals, thus forging the customers’ identity. For example, backdoor programs, such as Cart32, steal customer data (Schneider, 2013, p.430). Therefore, phishing not only impacts negatively internet banking but also poses threats to the bank payment system.

The world has been undergoing persistent transformation which some have been attributed to the changing developments in science and technology. In particular, information and communication technology is one of the most celebrated developments. Indeed, information technology has changed the lives of people

Computer-crime or commonly referred to as Cyber-Crime or ICT Crime (van der Merwe, 2008, p.61) is a new type of criminal activity which started showing its ugly head in the early 90 's as the internet became a common place for online users worldwide. This is due to the fact that computer criminals now have the opportunity to gain access to sensitive information if they possess the necessary know-how. This generally causes huge problems in the economic sphere and results in companies and individuals having to take costly steps to ensure their safety and reduction in commission of cyber-crime (Gordon, 2000, p.423). Cybercrime or also known as computer crime can be defined as any criminal activity that involves a computer and can be divided into two

An organization’s best line of defense against cyber criminals is crime prevention. As with any other criminal activity, organizations that are the most vulnerable are the ones most likely to be attacked first. Awareness and education are key steps in protecting an organization. The accompanying paper will outline real world cybercrimes and ways in which businesses can protect their cyber environments.

Cyber security became ever more crucial for global business and modern society. We are living in a data-centric world in which information technology and associated communications ' systems as well as networks that provide goods and services permeate every facet of our lives. This creates the safeguard of our digital assets and activities within cyberspace of critical importance, whether for individual life experience or a prosperous and sustainable society. But the challenge to understand cyber risk and deliver effective and accessible security becomes harder as technology continues to rapidly evolve and our systems become ever more complex. We are increasingly dependent upon such

It has been noted that cybercrime is growing at a faster rate due to the diversity of modern technology and expertise in the field of technological engineering. The global environment in which the internet is built in has allowed significant thresholds of increased criminal activities that are internet related. One of the major concerns is the rise of terrorism activities conducted through the internet causing a state of fear and distrust within national and international security. Cyber related crimes pose a great challenge in economies of both developed and developing states in the essence that it is known to threaten the financial health. Large amounts of money is lost annually due to cases of online theft or hacking the systems by changing key policies and commands that govern the operating systems and programs in use. Cybercrime can be committed by both governmental and non-state actors, it

The development of any society is accompanied by a unique pattern of crime. The innovation of digital technology came to us as a blessing but not without its’ dark side. This innovation brought about novel challenges popularly referred to as cyber-crime. Policing the prevalence of cyber-crime and its threat to electronic commerce has been of great concern to all government.

The misuse of computer systems has been a prevalent issue ever since the invention of computers. In this digital age, cybercrime is the fastest growing categories of crime facing many nations. It is pervasive and epidemic, threating billions of computer users and causing damages worth in billions. Every year, the numbers of attacks are increasing in numbers and complexity. And as we become more reliant on information systems, our security and privacy are in increasingly constant threat of compromise. When planning online crime, cybercriminals employ different tactics for various reasons. Their intention can be stealing money, obtaining valuable data, or simply revenge. When the Internet was created, security was not taken into account. Most of the technologies we depend on today have no effective security. The security issues of the internet are due to software thinking everyone is playing by the rules. The design flaw allows cybercriminals to exploit and deliberately cause software to perform tasks that not designed to do. Identity theft, hacking, spamming, and digital piracy---these are the few prevalent forms of cybercrimes.

Cybercrime has become a fast growing concern for the 21st century as businesses, institutions and individuals grow into an interconnected web of computer networks. Online business transactions, along with the sharing of personal information, are vulnerable to a host of disasters that can reap economic and social havoc. Some sources say that today, cybercrime costs more than $1.0 trillion to society--Global Industry Analysts, Inc. forecasted the world cyber security market to reach $80 billion by 2017 (Gale, 2011).

The internet has become a vital way for organizations and the government to share and collect information. The rapid increase in the use of new technologies has made it difficult for the law to keep up with immerging threats. Cybercrimes were up 10.4% in 2014, and it does not look like the threats will be decreasing anytime soon (Kassner, 2014). The country and organizations, need to be aware of the threats out there and protect their systems.