Answer to Question #311516 in Political Science for pawah erastus

Question

Question: Assume an economy has fallen victim to cybercrime, briefly discus some of the major effects this may have on a given economy.

Answer 1

Effects of Cyber Crime on Economy and Business Increasing cyber crimes pose a great threat to the business as well as economy. There have been many cases of data theft and other cyber attacks on some big business houses in the past few years. Every year there are millions of complaints around the world where companies report of theft or data loss owing to cyber invasion. This has a huge effect on the business as well as economy. Every year companies spend millions of dollar on anti-virus protection to secure their systems from any kind of malware, phishing attack or any kind of virus. Cyber-crime is on the rise among businesses around the world, and it is costing them dearly. Cyber-crime is on the rise among businesses around the world, and it is costing them dearly. Cyber-crime includes a myriad of devious criminal practices designed to breach a company's computer security.