Impacts of Cybercrime on Commercial Businesses

• Cybercriminals can hack into businesses’ networks to steal trade secrets or money.  If a company steals information on new technology that a rival is developing, it can use this information to stay competitive.
• Financial institutions such as banks are often targets because hackers can steal vast amounts of money if they can successfully hack into an online banking networks.
• When cybercriminals attack / hack into commercial businesses and banks, a large amount of money, data and personal information are compromised affecting the privacy of businesses and their clients.

Example

• Nov 2016 - Data of 57 mil customers and drivers were stolen
• Uber paid hackers 100000 to delete the data and keep quiet
• Dec 2017 - Breach was discovered and Uber was fined
  • CEO was sacked
• There were also reports of fraudulent charges to the users in their credit card statement