Cybercrime Categories and the Importance of Addressing Financial Cybercrime in an

Organization's Incident Response Plan

Anil Bhuvan Akula

Belhaven University

2023SU Cyber Law, Regulations, & Comp (ITM-632-1YVF1)

Dr Joe Snider

05/13/2023
Introduction

Cybercrime has become a significant concern for individuals and organizations globally, given

the increasing reliance on technology and the internet. Cybercriminals use various techniques to

target their victims, such as malware attacks, phishing, and social engineering. Cybercrime can

be classified into several categories, including cyber-espionage, cyberterrorism, cyber warfare,

and financial cybercrime. This essay aims to describe the categories of cybercrime and discuss

which ones I have observed, experienced, and/or should be addressed by an organization's

incident response plan.

Categories of Cybercrime

Cyber-Espionage

Cyber-espionage involves the use of technology to gather sensitive information from individuals,

organizations, or governments without authorization. This type of cybercrime is often conducted

by foreign governments or competing organizations seeking to gain an advantage. Cyber-

espionage can be used to steal trade secrets, intellectual property, or personal information.

Cyberterrorism

Cyberterrorism involves the use of technology to cause harm or fear in society. Cyber-terrorists

can target critical infrastructure systems such as power grids, water supplies, or transportation

systems. The impact of cyber-terrorism can be severe, resulting in economic losses and even loss

of life.

Cyber Warfare
Cyber warfare involves the use of technology to disrupt or destroy the computer networks and

systems of a country's military or government. The goal of cyber warfare is to gain a strategic

advantage in a conflict by disrupting communications, intelligence gathering, and decision-

making processes.

Financial Cybercrime

Financial cybercrime involves the use of technology to steal financial information, such as credit

card details or bank account information. Cybercriminals can use this information to commit

fraud, such as making unauthorized purchases or accessing bank accounts.

My Experience
In my personal experience, I have witnessed and experienced financial cybercrime. I have

received suspicious emails from cybercriminals pretending to be a financial institution, asking

me to provide my banking information. Fortunately, I was aware of the risk and did not provide

any information.

Addressing Cybercrime
An organization's incident response plan should address all categories of cybercrime. However,

financial cybercrime is particularly relevant to organizations that handle sensitive financial

information, such as banks or credit card companies. These organizations should have robust

security measures in place to protect against cyber-attacks and should also have an incident

response plan in place to quickly and effectively respond to any security breaches.
Conclusion
Cybercrime is a significant threat to individuals and organizations globally. It can be classified

into several categories, including cyber-espionage, cyberterrorism, cyber warfare, and financial

cybercrime. An organization's incident response plan should address all categories of

cybercrime, but financial cybercrime is particularly relevant to organizations that handle

sensitive financial information. As technology continues to evolve, it is essential for individuals

and organizations to remain vigilant and take proactive steps to protect themselves against cyber

threats.
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