Cybercrime has a direct impact upon the protection and preservation of cyber security. The more there are cyber criminal activities, the less the chances of the network being secured. As such for the purposes of protecting and strengthening cyber security, it becomes imperative that national legislation must have adequate legal frameworks to effectively deal and cover majority of emerging cybercrimes. Different countries have come with different nations which deal in various forms pertaining to different aspects of cybercrimes. As such cybercrimes need to be legally addressed in the context of protection and preservation of cyber security.
As per Mcafee document titled ‘Net Losses: Estimating the Global Cost of Cyber crime’, it has been estimated that the likely annual cost to the global economy from cyber crime is more than $400 billion.1 A conservative estimate would be $375 billion in losses, while the maximum could be as much as $575 billion.
The Ponemon Institute completed their annual look at how well companies are coping with cyber attacks. Cybercrime is up 10.4% over the previous year (2014)