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Executive Summary of Group Social Computing Issues

E-commerce is an essential portion of marketing activities. One of the challenges facing cyber-business or e-business is that it is dangerous for e-crime, known as cyber crime. Cyber crime can disrupt corporate marketing activities. This study examined the case study in public trading firms affected by cyber crime as well as its impact on society.

Introduction

Social computing has come to mention three matters, including mining social data, the building of a system that communicates with human networks, and the development of algorithms that use social and personal features. Such three branches have different technical challenges (Abedin & Qahri-Saremi, 2018). This study will provide an overview of combating cyber crime and also examines case study examples in public trading firms damaged by cyber criminals and their impact on society. The findings show that the cost of crime outweighs stolen assets, lost business and corporate reputation. This study will also identify the ethical issue in combating cyber crime.

Social Computing Issue

Overview of Issue by Combating Cyber crime

Most e-commerce is on the websites of public trading companies. The term “virtual space” usually refers to the electronic devices of computer networks in a web network when performing online networking. Cyber crime can disrupt corporate marketing activities. Cyber crime causes billions of dollars per annum in stolen assets, damaged reputation, and business losses to public trade firms (Jansen & Leukfeldt, 2018). When an organization is a victim of cyber crime, customers may be concerned about the safety of business transactions with the organization. Therefore, if the organization is caught at risk of cyber crime, it may lose business in the future. This vulnerability could lead to a drop in corporate market prices because of concerns from investors, creditors, and financial analysts (Leukfeldt & Yar, 2016).

Impact on Society by Combating Cyber crime

Cyber crime affects people offline or online in many ways. Being a victim of cyber crime can have a long-term effect on life. A common tactic used by scammers is phishing, by sending fake emails to get personal information from banks or other financial institutions. Cyber criminals focus their attacks on both small and large business. Hackers can try to conquest business servers to steal data or use machines for their own purposes, so organization needs to hire employee and update software to save companies alive. Cyber crime can lead to general financial loss (Rathore, 2016). According to the report by Symantec in 2015, above 1.5 million individuals are victims of crime daily, starting to steal passwords that are easy to crack financially irresistible. By the average loss of $198 per victim, it adds up to above $110 billion lost to criminals annually across the world. Cyber criminals have created a new strategy involving social networks and mobile devices to allow these illegal streams to flow as consumers become aware of the potential for traditional ways of attack (Leukfeldt, Lavorgna & Kleemans, 2017).

Case Study Examples by Combating Cyber crime

Massive ransomware attacks have affected more than 16 hospitals across the UK. Between May 12 and May 19, 2017, there were ransomware-related attacks on the NHS that resulted in above 34% of trusts. The attack began at midnight 12.30 PM local time, encrypting files and freezing system according to the report of Guardian. When employees try to access the computer, they were presented with the demand for $300 in Bitcoin, as a classic ransomware strategy. The result is a wave of cancelled recruitments and general chaos, because numerous hospitals are not able to access basic medical records. At the very least, a hospital has cancelled all non-emergency surgeries (The Verge, 2020).

According to the National Health Service, the criminal was a ransomware strain called Wanna Decryptor (also recognized as the Wannacry). Although operations in hospitals have been severely affected, there is no indication that patient data has been compromised. Their focus is on supporting organizations to deal with these incidents decisively and quickly but they will interact with NHS colleagues and share more information as it becomes accessible.

It is not clear how the hospital will recover from the attack. No published decryption key has been issued for WannaCry as well as the costs of infection claimed by the program have exceeded $300. NHS Agency does not report any case of damage to patients or their data being stolen due to The WannaCry. As a result of the ransomware, NHS England has recognized 6,912 appointments with operations, which were cancelled. However, it is assessed that 19,000 appointments may have been affected (The Verge, 2020).

Ethical Issues by Combating Cyber crime

The new world of information communities, including global networks and virtual worlds, will certainly create a variety of political, ethical, and social issues. Although most community activities are conducted in cyberspace, there are many issues related to human and community relationships (Umanailo et al. 2019). The most basic ethical issues related to the use of IT in global networks include the right to access data, personal privacy, and harmful practices on the Internet. These major problems have been partially resolved using technological approaches, for example SSL, encryption techniques, computer firewall, and digital ID. In addition to these security technologies, legislation is needed to address hundreds of countries in cyberspace, including a global network. Strategies and guidelines should be executed so that information can be used globally through social and ethics sensitive to the benefit and the upcoming application. Policy issues and other important issues need to be addressed with businesses, governments, educational institutions, private and public sectors across the world (Van de Weijer & Leukfeldt, 2017).

Conclusion

The study identified the cost of cyber crime, how they interfere with marketing and business activities, and also cases where the business entity is officially under criminal activity. Also, the survey analyzes the impact of criminal news coverage on shareholder value. As a result, a publicly-traded company will not fall victim to cyber crime and should make every effort to avoid negative impact on marketing activities. To protect against cyber criminals, an intrusion detection technique needs to be developed. Strategies include configuration checking tool, tripwires, and anomaly detection system. As a result of prevention strategies, organizations need to create procedures to investigate and recover from a cyber crime incident.

References

Abedin, B., & Qahri-Saremi, H. (2018). Introduction to the special issue—Social computing and service innovation: A framework for research. Journal of Organizational Computing and Electronic Commerce, 28(1), 1-8.

Jansen, J., & Leukfeldt, R. (2018). Coping with cybercrime victimization: An exploratory study into impact and change. Journal of Qualitative Criminal Justice and Criminology, 6(2), 205-228.

Leukfeldt, E. R., & Yar, M. (2016). Applying routine activity theory to cybercrime: A theoretical and empirical analysis. Deviant Behavior, 37(3), 263-280.

Leukfeldt, E. R., Lavorgna, A., & Kleemans, E. R. (2017). It has organized cybercrime or cyber crime that is organized? An assessment of the conceptualization of financial cybercrime as organized crime. European Journal on Criminal Policy and Research, 23(3), 287-300.

Rathore, N. K. (2016). Ethical hacking & security against cyber crime. Journal on Information Technology (JIT), 5(1), 7-11.

The Verge (2020). UK hospitals hit with massive ransomware attacks. [Online] Available at: <https://www.theverge.com/2017/5/12/15630354/nhs-hospitals-ransomware-hack-wannacry-bitcoin> [Accessed on: 18 September 2020].

Umanailo, M. C. B., Fachruddin, I., Mayasari, D., Kurniawan, R., Agustin, D. N., Ganefwati, R. & Sutomo, S. (2019). Cybercrime case as impact development of communication technology that troubling society. Int. J. Sci. Technol. Res, 8(9), 1224-1228.

Van de Weijer, S. G., & Leukfeldt, E. R. (2017). Big five personality traits of cybercrime victims. Cyberpsychology, Behavior, and Social Networking, 20(7), 407-412.