Cyber crimes, a colossal loss to business
Business establishments and social organisations are facing colossal
losses from cyber crimes which are on the rise due to poor mechanisms to
combat it, Sri Lanka Computer Emergency Readiness Team Cordination
Centre (Sri Lanka CERT CC), Chief Executive Officer Lal Dias told a
seminar on ‘Cyber Crimes a New Threat to Corporate Environment’ last
week. It was organised by the National Chamber of Commerce of Sri Lanka.
Cyber crimes are growing and by 2017, the global cyber security
market is expected to skyrocket to $120.1 billion from US$ 63.7 billion
The estimated annual cost of global cyber crime is US $ 100 billion.
The number of victims per year globally is 556 million, per day it is
1.5 million and per second - 18. Over 600,000 facebook accounts are
compromised each day, according to statistics. Dias said that security
measures to protect corporate data are not adequate and are badly
There should be precautionary measures in every organisation to
ensure safety of data. Many organisations do not report such crimes
because it is an embarrassment to the institution.
“We should report such crimes to nab the culprits and bring them
before the law,” he said.
The US retailer Target is yet reeling from the loss due to hacking of
data to the tune of around US $ 400 million. This was due to the absence
of an effective security policy in place. The security policy should be
understood by all to be effective.
“Organisations should protect confidential data. Lack of privacy laws
and not adhering to preventive mechanisms could cause catastrophic
damage to institutions,” Dias said.
According to reports one in 10 social network users fall victim to a
scam or fake link on social network platforms. Common types of cyber
attacks are viruses, malware, worms, trojans, criminal insider, theft of
data bearing devices and SQL injection.