Question

Write 300 words, Do not copy directly from internet. How has cybercrime affected financial security of consumers?

Answer 1

Here goes few scenarios of how cybercrime has affected the financial security of customers

• In Jan 2016, Symantec released a report that card details stored on the cloud by the users are not safe. Half of the customers already believe in this but this report created an awareness among the other half too.
• Customers lost about 158 billion due to cybercrime worldwide in 2015.
• Companies lose around 5 million extra every year because of the stolen data according to a recent report.
• Data breaches may inturn have an impact on job losses.
• Surveys revealed that abour 81% people feel devastated if their financial information is compromised.
• Such cyber attacks have also created emotional distress among users. 58% feel angry, 51% feel annoyed and 40% feel cheated and all of them blame themselves for being attacked.
• Service disruptions and downtime sort of issues can be expected in businesses.
• Damage of reputation and loss of trade.
• If you are the owner of the organization then additional compensation may have to be paid to customers for losses.

These are some of the effects of cybercrime on the financial security of customers.