Hits: 2
Types of Computer Crime
Amidst the ever-growing adoption of computer technology, computer crime poses a significant threat to various aspects of human activities. Notable examples of computer crime include software piracy, hacking, and loan fraud. Organizations incur significant losses with far-reaching consequences as a result of computer crime. In some cases, the cost of computer crime reverberates throughout a country’s economy. The impact of the different types of crime varies and is difficult to quantify. According to Burkart and McCourt (2019), organizations determine the initial costs in terms of the direct financial costs incurred WE CAN HELP
Software piracy involves using licensed software without purchasing the license or violating the terms of use. This crime undermines the revenue stream of the owner of the software. The cost of this type of computer crime is high. Industry-wide losses are estimated at over $50 billion (Murray, 2019). Hacking refers to illegal intrusion into computer networks. In 2016, FedEx experienced a hacking incidence that resulted in the loss of millions of customer records and other sensitive data (Burkart & McCourt, 2019). Such a costly incidence can threaten the survival of small and large businesses alike. Loan fraud relies on illegal techniques such as identity theft and forgery to obtain loans from financial institutions and other lenders. The case of Lehman Brothers represents an example of fraud in the financial industry with significant implications for the economy. According to Goldmann (2010), Lehman Brothers engaged in various fraudulent practices, including loan fraud, with the aid of sophisticated techniques to avoid detection.
Amidst the ever-growing adoption of computer technology, computer crime poses a significant threat to various aspects of human activities. Notable examples of computer crime include software piracy, hacking, and loan fraud. Organizations incur significant losses with far-reaching consequences as a result of computer crime. In some cases, the cost of computer crime reverberates throughout a country’s economy. The impact of the different types of crime varies and is difficult to quantify. According to Burkart and McCourt (2019), organizations determine the initial costs in terms of the direct financial costs incurred WE CAN HELP.
Software piracy involves using licensed software without purchasing the license or violating the terms of use. This crime undermines the revenue stream of the owner of the software. The cost of this type of computer crime is high. Industry-wide losses are estimated at over $50 billion (Murray, 2019). Hacking refers to illegal intrusion into computer networks. In 2016, FedEx experienced a hacking incidence that resulted in the loss of millions of customer records and other sensitive data (Burkart & McCourt, 2019). Such a costly incidence can threaten the survival of small and large businesses alike. Loan fraud relies on illegal techniques such as identity theft and forgery to obtain loans from financial institutions and other lenders. The case of Lehman Brothers represents an example of fraud in the financial industry with significant implications for the economy. According to Goldmann (2010), Lehman Brothers engaged in various fraudulent practices, including loan fraud, with the aid of sophisticated techniques to avoid get help detection.