The Handbook of Internet Crime fulfills its objective of providing the reader with a rich, detailed panorama of the main facets of its object. The Handbook reflects the range and depth of cybercrime research and scholarship, combining contributions from many of those who have established and developed cyber research over the past 25 years and who continue to shape it in its current phase, with more recent entrants to the field who are building on this tradition and breaking new ground.
Cybercrime
Marius-Christian Frunza, in Introduction to the Theories and Varieties of Modern Crime in Financial Markets, 2016
Abstract
Cybercrime is the most disruptive threat for financial markets, but at the same time is the most underrated by both regulators and financial institutions. Cyber-attacks have already caused considerable damage to detail retail banking, mainly through credit card and payment scams. The infrastructures of the markets mostly involve digital systems, thereby coming within the scope of cybercriminals. If losses generated by cyber-fraud in the retail world are capped by the size and the utilization of an account, the potential damage from a cyber-attack on financial infrastructures is limitless. In addition, markets react to new information from traditional (newspapers) and innovative media platforms (social media), the quasi-totality being stored on the Internet. Thus altering reality and spreading rogue information is another way cybercrime can inflict damage on markets. With the creation of centralized counterparties a group of a small number of institutions indirectly expose all of the financial sector to cyber-risk, with consequences which have not yet been well studied and understood.