The Socio-Economic Impact of Identity Thefts and Cybercrime: Preventive Measures and Solutions

Abstract

The purpose of this paper is to explore and address the socio-economic impact of identity thefts and cybercrime in general. The paper will further explain the various ways employed in their implementation. The paper will also put forward ways to prevent the threats and vulnerabilities of the attacks. The study will also recommend solutions to stop and or mitigate the consequences of cyber-thefts. The study will define social engineering as well as provide various social engineering tactic.  The paper will also discuss the reasons for the rise in cybercrime. Such reasons will include financial gain, revenge, as well as non-financial gains. Also cited are examples that demonstrate the capabilities of cybercriminal. The paper will also provide justification for the reasons behind the cumbersome task and failure in instituting a lasting solution to the criminal activities. Finally, this paper will close with a conclusion on the economic implications of social engineering on the general cyberwar on cybercrime at the national and global levels.

In general, while losses due to cybercrime are troubling, they do not directly pose as a threat to national security, except to the extent that international cybercrime allows potential opponents to train and maintain proxy forces at the expense of others.