Cybercrime (Digital Currencies and “Internet of things”)

Answer

Cybercrime (Digital Currencies and “Internet of things”)

Technology is daily growing into becoming more significant in every aspect of society; hence there has been a growing need for pumping many resources into enforcing its security. With its increasing importance, technological advancements have become increasingly prone to cyber-attacks perpetrated by individuals who exploit a particular weakness in its compilation/structure. Cybercrime perpetrators are usually after money or for financial gains; they launch cyberattacks, for instance, stealing of data to sell elsewhere or for a ransom of records, and phishing attacks (Brown et al., 2009).

Cybercriminals typically use cryptocurrency or wire transfers for large sums. Some individuals engage in cyberattacks to bridge the competition gap or fully phase out the competitors' advantage. For instance, penetrating a manufacturer's information system would be crucial for blackmailing, competitive knowledge, or sabotage. Additionally, in the current world political witch hunt has been on the rise between people, states or countries; thus, hackers launch cyber-attacks, for instance, to manipulate elections or shut out a specific section or country from accessing the internet or power supply. Moreover, other cybercrime perpetrators engage in the vice to test their skills or for leisure as a way of exploiting a particular weakness in a system (Brown et al., 2009.

Cyber-attacks on digital currencies and the "Internet of Things" have escalated in numerous ways. Among the reasons that the vice has escalated is the increased existence of a poorly protected network that connects physical "things" installed with sensors and other technologies. The increased security exchange laxity has seen increased operational methods used to abuse several network and digital currencies. The methods include the implantation of viruses and other malware attacks on software, network attacks (Botnets), to perpetuate digital currency fraud whereby, for instance, fraudsters transfer their "gains" continuously and secretly. The cybercriminals implant malware on compromised systems-networks, personal computers, and browsers used by digital devices that are used as cryptocurrency miners or inhibitors of access to critical services over the internet. Additionally, the cybercriminals utilize remote pickpocketing of less secure pockets used to store critical credential keys, hence perpetrating cyberattacks on both financial and non-financial accounts (Brown et al., 2009).

With advancements in the computer world, computer forensics has become a critical discipline extensively involved in collecting, analyzing, and presenting information from computer systems, as evidence in the court of law. Several computer forensics laws and practices govern how computer forensics should be practiced (Maras, 2015). The rules include: Wiretap Act, found in the Constitution, permits the ensuring against unreasoning search and seizure; secondly, it permits and enforce security against any sort of self-incrimination (Williams and Levi, 2017). Other laws include Pen Registers and Trap and Trace Devices Statute, and Stored Wired and Electronic Communication Act; these laws oversee the reliability, consistency, and authenticity of the crucial forensic pieces of evidence. They imply that monitoring and collecting data should be done professionally to prevent compromising the evidence, hence enforcing its reliability in the judicial corridors.

The practices mentioned above and laws can, up to some extent, prevent cybercrime incidences against digital currencies and the internet of things. They are useful and effective in curbing the vice more effectively currently. However, the same cannot be implied of the future since there is an emerging trend in which cyber attackers learn new tactics every day and make timely curbing of the vices quite tricky by the respective "cyber guards."