Combating Cyber Crime: Global Strategies and Cost
Combating Cyber Crime:
Global Strategies and Cost
Guillermo Dumois
Florida International University
Table of Contents Introduction 3 The Increase of Cyber Crime and Attacks 5 Motivations 6 Scale of Attacks 8 Cyber Attacks Impact on Business 9 Estimating Costs of Attacks to Business 10 Direct Costs of Cyber Attacks 12 Indirect Costs of Cyber Attacks to Business 13 Analysis of Financial Costs to Business and Consumers 14 TJX Security Breach - Financial Analysis 15 TJX Stock Comparison 16 TJX Financial Ratios 17 Financial Costs of Attacks 21 Combatting and Preventing Cyber Crime 22 The Role of Government 22 Global Strategies to Prevent and Fight Cyber Crime 23 Conclusion 24 References 25
Introduction
The growth of e-commerce has been astronomical and its relevance to many businesses c=has increased. According to Forrester, e-commerce in the United States is going to reach $279 billion by 2015 (Indvik, 2011). This includes all electronic financial transactions. A 12.6% increase to $176 billion in 2010 has been fueled by an increase in Internet connected devices such as smartphones, tablets, combined with new e-commerce models—such as NetFlix, Groupon, etc. The consumer appears to be the driving force behind the financial boom of e-commerce.
The ease and accessibility of Internet business is clearly of great importance to consumers. We are assaulted on a daily basis by advertisements and other marketing devices on our many electronic devices—all of which have become integral parts of our lives—from young to old. Consumers have also become more comfortable with the purchase of big-ticket items online, items such as airfare, computers, insurance, refinancing of homes, credit card applications, and banking transactions. The ease with which consumers can complete these transactions, paired with consumer perceptions of Internet security, all have greatly contributed to the tremendous growth of electronic commerce.
Global Strategies and Cost
Guillermo Dumois
Florida International University
Table of Contents Introduction 3 The Increase of Cyber Crime and Attacks 5 Motivations 6 Scale of Attacks 8 Cyber Attacks Impact on Business 9 Estimating Costs of Attacks to Business 10 Direct Costs of Cyber Attacks 12 Indirect Costs of Cyber Attacks to Business 13 Analysis of Financial Costs to Business and Consumers 14 TJX Security Breach - Financial Analysis 15 TJX Stock Comparison 16 TJX Financial Ratios 17 Financial Costs of Attacks 21 Combatting and Preventing Cyber Crime 22 The Role of Government 22 Global Strategies to Prevent and Fight Cyber Crime 23 Conclusion 24 References 25
Introduction
The growth of e-commerce has been astronomical and its relevance to many businesses c=has increased. According to Forrester, e-commerce in the United States is going to reach $279 billion by 2015 (Indvik, 2011). This includes all electronic financial transactions. A 12.6% increase to $176 billion in 2010 has been fueled by an increase in Internet connected devices such as smartphones, tablets, combined with new e-commerce models—such as NetFlix, Groupon, etc. The consumer appears to be the driving force behind the financial boom of e-commerce.
The ease and accessibility of Internet business is clearly of great importance to consumers. We are assaulted on a daily basis by advertisements and other marketing devices on our many electronic devices—all of which have become integral parts of our lives—from young to old. Consumers have also become more comfortable with the purchase of big-ticket items online, items such as airfare, computers, insurance, refinancing of homes, credit card applications, and banking transactions. The ease with which consumers can complete these transactions, paired with consumer perceptions of Internet security, all have greatly contributed to the tremendous growth of electronic commerce.
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