The banking system, I believe, experiences the biggest threat from cyber crimes. In fact, 94 percent of cyber crime recorded in 2009 came from financial services companies (as cited in Stern, 2010).
This only poses the greatest risk for the future because big amounts of money are on the line and cyber criminals will do everything in their power to get a hand on these. Individuals are not the only ones in danger because of bank frauds and breaches but also companies, organizations, and ultimately the economic system since the banking and financial processes will be immensely affected.
With advancements in technology come risks and dangers. Apparently, such improvements have only made it easier for criminals to do their crimes as the digital environment becomes more complex and sophisticated (CERT, 2004). Hence, we can expect that cybercrimes will get worse in the coming years.
As the demand for connectivity and convenience skyrockets and as consumers become more open, liberal, and naïve, the dangers attached to World Wide Web developments will likewise increase; hence, cybercrimes will headline more tomorrow than it has today. Consequently, laws on cyber crime need to be stricter and more definite to encompass various criminal acts perpetuated through the Internet. Also, the Internet needs to be redesigned to include only responsible use and trustworthy users.
Stern, L. (2010). Is your money safe? Banks are the biggest cybercrime targets. CBS Money Watch. Retrieved from http://moneywatch.bnet.com/economic-news/blog/daily-money/is-your-money-safe-banks-are-biggest-cybercrime-targets/1106/
CERT. (2004). How the FBI investigates computer crime. CERT Coordination Center. Retrieved from http://www.cert.org/tech_tips/FBI_investigates_crime.html