Cybercrime: How Does It Affect People and Companies?

The digital transformation of recent years has made it easier for people and businesses to access information and conduct online transactions. However, the development of the internet has also brought significant concerns, such as the rise in cybercrime.

This increase in digital crimes has greatly impacted countries and businesses. In 2021, Brazil ranked second in Latin America for the highest number of cybercrime incidents, with a total of 88.5 billion attempted digital thefts.

Continue reading to better understand what cybercrime is, the damage it can cause to your business and personal life, and get tips on how to protect yourself from these crimes in the digital environment.

What is Cybercrime?

Cybercrime refers to illegal activities conducted over the internet using electronic devices such as computers and mobile phones, which are used as tools or bases for attacks.

Typically, these crimes are carried out by cybercriminals who use specialized techniques to steal confidential information and data from individuals or businesses for financial gain.

One of the main characteristics of cybercrime is the difficulty in tracking down the perpetrators. They often operate with minimal suspicion, using technology to their advantage, which allows them to act discreetly. This makes it harder to trace the origins of the crime.

Main Types of Cybercrimes

There are three main categories of cybercrimes:

1. Direct Attacks on Computers: The criminal infects a device with a virus to damage services and collect information.
2. Using Devices to Commit Other Crimes: Attacks that use computers or networks to spread viruses, such as email fraud.
3. Computers Used as Accessories: The criminal uses the device to store stolen information.

How Cybercrime Affects Individuals

Cyberattacks can cause various damages to a person's life, often impacting their financial sector and personal reputation. When cybercrime is accompanied by defamation, it can even affect the victim's psychological well-being.

How Cybercrime Affects Businesses

For businesses, the damages from cyberattacks can extend beyond financial losses. Data breaches or theft can harm the organization's reputation, affect consumer trust, and potentially result in fines for non-compliance with regulations.

There are several ways a business can suffer attacks in the digital realm. Here are some common ones:

• Phishing: Cybercriminals send fake messages to people, tricking them into clicking on links or accessing malicious emails and websites, aiming to steal personal and financial data. Email is a primary medium for phishing attacks, so it’s crucial for users to avoid clicking on unknown links and to be cautious of suspicious messages.
• Data Ransom: Also known as ransomware, this scam demands money in exchange for not disclosing stolen data. Cybercriminals encrypt important files on a device or system and demand a ransom to unlock them.
• DDoS Attacks: Distributed Denial of Service attacks overwhelm a server's activities, causing the system to slow down and making websites and access points unavailable, resulting in financial losses for the victim. The attacker uses multiple compromised computers to generate traffic, known as zombies.

How to Prevent Cybercrime

With the evolution of cybercrimes, organizations and individuals need to seek ways to protect themselves. Simple actions include being cautious with links, unreliable websites, email attachments, and strengthening passwords.

For businesses, serious investment in information security is crucial. Keeping systems updated and having experts monitor your business's systems are essential for protection.

Bug Bounty is a preventive measure against cybercrimes. Serving as an extension of your information security team, BugHunt is Brazil's first Bug Bounty platform. The Bug Bounty program offers rewards to information security experts who find vulnerabilities and weaknesses in partner companies' systems.

Now that you understand what cybercrime is and how it affects your organization, and you’re interested in protecting your business and users from these crimes, BugHunt can help!

Click here to learn more about how we can assist in securing your company.