Cyber crime, or computer oriented crime, is crime that involves a computer and a network. The computer may have been used in the commission of a crime, or it may be the target. Cyber crimes can be defined as: "Offences that are committed against individuals or groups of individuals with a criminal motive to intentionally harm the reputation of the victim or cause physical or mental harm, or loss, to the victim directly or indirectly, using modern telecommunication networks such as Internet (networks including but not limited to Chat rooms, emails, notice boards and groups) and mobile phones (Bluetooth/SMS/MMS)". Cyber crime may threaten a person or a nation's security and financial health. Issues surrounding these types of crimes have become high-profile, particularly those surrounding hacking, copyright infringement, unwarranted mass-surveillance, sextortion, child pornography, and child grooming. There are also problems of privacy when confidential information is intercepted or disclosed, lawfully or otherwise. Debarati Halder and K. Jaishankar further define cyber crime from the perspective of gender and defined 'cyber crime against women' as "Crimes targeted against women with a motive to intentionally harm the victim psychologically and physically, using modern telecommunication networks such as internet and mobile phones". Internationally, both governmental and non-state actors engage in cyber crimes, including espionage, financial theft, and other cross-border crimes. Activity crossing international borders and involving the interests of at least one nation state is sometimes referred to as cyber warfare.
Cyber Security Spending and Resources
Global spending to combat cybercrime will top $80 billion this year, with organizations increasingly focusing on detection and response because taking preventive approaches have not been successful in blocking malicious attacks.
Spending on cyber insurance has swelled, primarily in the U.S., from $1 billion two years ago to $2.5 billion in 2016. Experts expect dramatic growth in the next five years as the insurance concept spreads globally.
In 2016, 62 percent of organizations used managed security services for at least part of their cybercrime defenses, according to PwC’s “The Global State of Information Security” report.
Just half of the global organizations PwC surveyed reported that they already use advanced big data analytics to model for and identify threats. Meanwhile, machine learning techniques are adding significant muscle to fraud detection and application security efforts.