The impact of cybercrime on the economy
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The impact of cybercrime on the economy
Cybercrime is a growing threat to the global economy, with the potential to cause significant financial losses and disrupt critical infrastructure. In this article, we will explore the impact of cybercrime on the economy and the challenges facing organizations in addressing this threat.
Financial Losses:
One of the most immediate impacts of cybercrime on the economy is financial losses. Cybercriminals can steal personal and financial data, compromise bank accounts, and extort organizations through ransomware attacks. The costs associated with cybercrime can include lost revenue, legal fees, regulatory fines, and reputational damage.
According to a report by Cybersecurity Ventures, the global cost of cybercrime is expected to reach $10.5 trillion annually by 2025. This represents a significant economic impact that affects both individuals and organizations.
Disruption of Critical Infrastructure:
Cybercrime can also disrupt critical infrastructure, such as power grids, transportation systems, and healthcare facilities. A cyberattack on a critical infrastructure system can result in widespread disruption and damage to the economy.
For example, the WannaCry ransomware attack in 2017 disrupted the operations of the UK’s National Health Service, causing significant delays and cancellations of medical procedures. The attack also affected other organizations, including FedEx, disrupting their operations and causing significant financial losses.
Loss of Intellectual Property:
Cybercrime can also result in the loss of intellectual property, including trade secrets, product designs, and business strategies. The theft of intellectual property can undermine the competitiveness of organizations and result in lost revenue.
According to a report by the Center for Strategic and International Studies, the annual cost of intellectual property theft to the US economy is estimated to be between $225 billion and $600 billion.
Challenges Facing Organizations:
The impact of cybercrime on the economy is a complex and evolving challenge facing organizations. Some of the key challenges include:
- Increasing Sophistication of Cybercriminals: Cybercriminals are becoming more sophisticated in their techniques, making it difficult for organizations to keep up with the evolving threat landscape.
- Limited Resources: Many organizations have limited resources to invest in cybersecurity measures, leaving them vulnerable to attacks.
- Lack of Cybersecurity Talent: There is a shortage of cybersecurity talent, making it difficult for organizations to hire and retain qualified professionals.
- Complexity of Cybersecurity Regulations: Cybersecurity regulations can be complex and vary by industry and jurisdiction, making it difficult for organizations to comply.
- Inadequate Information Sharing: Organizations may be reluctant to share information about cyber incidents for fear of damaging their reputation, making it difficult for other organizations to learn from these incidents.
Conclusion:
The impact of cybercrime on the economy is significant and growing. Financial losses, disruption of critical infrastructure, and loss of intellectual property are just a few of the ways that cybercrime can affect the economy. Addressing the challenges facing organizations in addressing this threat requires a coordinated and comprehensive approach that includes investment in cybersecurity measures, training and development of cybersecurity professionals, and collaboration among organizations and with government agencies. By taking proactive measures to address the threat of cybercrime, organizations can protect themselves and contribute to the resilience of the global economy.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The impact of cybercrime on the economy
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