Suppose that the cost of engaging in internet transactions increases substantially due to cyber crime. What are the likely consequences? What markets would be affected, and what types of impacts would you expect to see?

Question

Duncan Washington

Business

12 October, 12:17

Suppose that the cost of engaging in internet transactions increases substantially due to cyber crime. What are the likely consequences? What markets would be affected, and what types of impacts would you expect to see?

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Answers (1)

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Abel Gordon · Answer 1

The cybercrime damage will reach around $6 trillion annually by 2021. Based on the cybersecurity ventures, damage is projected as $6 trillion annually by 2021.

Explanation:

Cybercrime has impact on jobs, innovation, economic growth and investment. The IP theft makes up to 25% of cybercrime costs, and has an high threat to military technology. IP theft and loss of opportunity are the two areas of cybercrime that are difficult to measure.

Cybercrime mainly target the computer network or devices with computer viruses, Denial-of-service attacks and Malware.

The types of impacts are the loss of IP and business-confidential information. The cost of securing networks, buying cyber insurance and paying for recovery from attacks.