With the digital transformation taking the driver seat in the growth path of most sectors, success also comes at a heavy and expensive price, as cybercrime is increasingly becoming worse every year, both in scale and complexity!
Cybercrimes take numerous forms, be they online scams or petty thefts. Its impacts vary from reputational damage, harassment, bullying, and emotional trauma to financial loss to individuals and societies, in addition to becoming a threat to national security.
The global economic toll of cybercrime is staggering. According to some estimates, the costs of cybercrime could reach nearly $15 trillion by 2024, with the potential for even sharper increases thereafter.
A report by the World Economic Forum with input from different agencies shows that the global cost of online criminal acts may surge to $23.84 trillion by 2027, up from $8.44 trillion in 2022.
The Security Magazine reports that there are around 2,220 cyber attacks each day, and that equates to more than 800,000 attacks each year.
Whatever it is, its impact can be incredibly harmful. Victims of cybercrime often feel violated and vulnerable, leading to fear and anxiety. This can have a long-lasting impact on an individual’s mental health, especially if they feel isolated and unable to seek help.
But what is alarming today worldwide is the spike in cybercriminal activities among youngsters, who are more tech-savvy than ever before.
"Adolescent susceptibility” often stems from a passion for gaming, leading to visits to websites and forums that share computer game cheat codes, a potential breeding ground for malware and criminal activity.
After all, the internet encourages new levels of experimentation because it provides easy access to a limitless world and, by proxy, cybercrime! Thrill-seeking can cause teenagers to be shortsighted when it comes to their online behaviour.
Social media influences and parental negligence also contribute to this dangerous allure. A survey published by Kaspersky Daily shows that 70 per cent of children spend at least three hours on devices daily.
At the same time, only about half of parents use parent-control apps or supervise children as they use digital devices, while the rest pay less attention to their children’s digital behaviour.
And even though 53 per cent of parents would like to see their children use devices for less than two hours a day, the reality is that 82 per cent of parents are using devices for more than two hours a day themselves.
“While the government and schools are increasingly teaching children how to spot potential dangers online, there remains a lack of awareness around basic device protection. This means parents need to take greater responsibility to ensure their children are cyber-secure”, Kaspersky recommends in another report.
Most teenagers do online scams without realising the consequences of their actions, with the penalties often being severe! While some may do it to make financial gain, others may do it to win palms within their peer groups.
Exposure to cybercrime activities at a young age can distort perceptions of life, undermine moral values, and lead to a lifelong pattern of criminality!
So our youth need to be educated on cyber ethics so that a more secure digital future can be built, protecting the next generation from the risks of cybercrime! Education should also focus on what constitutes cybercrime and related laws.
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