The Issue Of Stealing Financial Data From Credit Or Debit Card

2253 WordsMay 8, 201610 Pages
4.1.1. To consumers Along with the remarkable development of technology and the Internet, people are becoming more rely on technology, thus dealing with more cyber-crime comparing to the past. The issue of stealing financial data from credit or debit card has been a heated issue for the past decades. Furthermore, lately, as the practice of contactless and mobile payment to pay get accepted and is used more by consumers, a new door of opportunity has been opened for cyber criminals. Hackers can hack into customers’ financial data, get their payment information, have direct access to their money and are able to use them at their disposal. The worst case will be when hackers are capable of cracking customers’ passwords and changing them.…show more content…
Cyber attacks might lead companies to the revelation of negligence claims, dark side of their business, such as the incapacity to meet contractual responsibilities and obligations, thus harming firm’s trusts from customers. Besides, cyber-attacks also bring about loss of intellectual property or even legal liability. Company’s competitors would like to take a look at intellectual property: new product ideas or final designs, development plans, business data like pricing, cost analysis, sales, advertising budget or strategic planning data and project bidding data (Andrijcic, Horowitz, 2006). Statistically, US$400 is spent by the international economy on cyber crime every year (Gabel, 2015). Besides, in 2013 alone, around 3,000 American firms were attacked by cyber criminals. Two high-profile, major players in American retailer industry– Target and Home Depot suffered from being compromised. In some other firms, hackers stole money from accounts, engaged in industrial espionage. Even worse, for some unluckily organisations, these hackers even took over the systems completely and requested for ransom money. 4.1.3. IT organisations Along with the development of the Internet, various types of virus developed by hackers are becoming more sophisticated. Take ransomware as an example. It is a type of malware – a very complicated, hard-to-remove virus that restricts access to the computer that it holds
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