Cyber Theft and Business Presentation - Essay Example

Cyber theft is the use of the internet to steal another persons property. It is interfering with another persons use as well as the enjoyment of the property. In other words, cyber theft is gaining access to financial and personal information using computing devices for fraudulent or other illegal activity. Though computer technology makes life so speedy and fast, it has also become an avenue for the most dangerous criminality termed as cyber theft. The emergence and use of cheap, powerful and user-friendly computer devices have enabled many to acquire and use them. However, as businesses, governments and agencies rely on computers so do criminals. Cyber theft cases can have far-reaching impacts ranging from financial losses, theft of intellectual property, as well as loss of consumer trust and confidence.

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In June 2015, the United States Office of Personnel Management (OPM) experienced a massive breach of background check records that compromised the data of 21.5 million former, current and prospective federal employees. This attack has often been described as the most dangerous breaches involving government data in the United States. The victims of the attack included 19.7 million people who had applied for top security clearance in the past, as well as 1.8 million others who were not applicants.

Loss of revenue becomes a major consequence of cyber theft when hackers acquire sensitive financial information of a company. The information obtained is used to extract funds from the organization or individual accounts whose details have been accessed. Revenue is lost when attackers compromise the organization's site. Expensive income is lost when users are unable to utilize the companys site.

Additionally, time is also wasted when Information Technology personnel dedicate their time to secure the organizations data. Rather than spending their time working on productive and innovative measures for the organization they spend a lot of time dealing with security breaches. Time is also wasted when the company has to send notifications to the victims of the attack.

When cyber theft compromises customer records, a companys reputation is destroyed. For instance, in a situation where hackers access to credit cards or other confidential details, the customers lose their trust in the organization. This results in loss of valuable customers of the company.

The cyber theft led to reduced productivity when the organization had to employ measures to neutralize the effects of further attacks. Employees efficiency is affected when they have to input more passwords, as well as pass other verification procedures to execute their jobs.

In conclusion, the pace at which incidences of cyber theft are increasing is one of the most disturbing trends.Researchers have expressed concern over the growing number of cybercrimes in the United States. Companies across the country are becoming targets of cyber attacks at an increasing rate of both occurrence and cost. The internet has proved useful in various ways that will hopefully be enough to ensure it does not become an avenue or criminal activity and malice. Even though the government has a major role to play, most of the protection needs to be done by organizations involved in the production of computer software as well as the companies. Organizations should devise stringent measures to protect user information. The state of cyber theft ten years from now is still unpredictable. However, if the internet use will continue to grow, suitable measures have to be devised to ensure confidentiality and protection of individual and organizational information.