{"id":4731,"date":"2023-07-15T05:00:00","date_gmt":"2023-07-15T03:00:00","guid":{"rendered":"http:\/\/www.thelife.digital\/tl\/?p=4731"},"modified":"2023-07-17T16:08:08","modified_gmt":"2023-07-17T14:08:08","slug":"the-threats-of-cybercrime-may-not-come-from-cyberattacks","status":"publish","type":"post","link":"https:\/\/www.thelife.digital\/tl\/articles\/the-threats-of-cybercrime-may-not-come-from-cyberattacks\/","title":{"rendered":"THE THREATS OF CYBERCRIME MAY NOT COME FROM CYBERATTACKS"},"content":{"rendered":"\n

Fred Razak, Chief Trading Strategist Comments<\/em><\/p>\n\n\n\n

Cybercrime is becoming an increasingly significant issue for private businesses, individuals and government, and new threats are constantly emerging that prove it is now essential that business starts prioritising cybersecurity. What is cybercrime? Where is it coming from? And what is the expected impact on the economy? Fred Razak<\/a>, Chief Trading Strategist at CMTrading<\/em><\/a>, gives us his analysis.<\/p>\n\n\n\n

What is cybercrime, and how does it affect economies?<\/strong><\/p>\n\n\n\n

\u201cJust because we don\u2019t see physical wars between powers doesn\u2019t mean digital wars don\u2019t exist,\u201d he says. \u201cCountries have been hacking each other as long as the concept has existed. There is a big market out there for these kinds of crimes, and it would be naive of us to assume that governments aren\u2019t involved.\u201d<\/p>\n\n\n\n

\u201cA great way to weaken an opposing government is to cripple their financial sector. This is primarily why Wall Street, for example, has offsite locations and extreme security measures \u2013 to ensure markets can continue to trade,\u201d Razak explains. \u201cWhen the stock exchange floor was in New York, and 9\/11 happened, and everything stood still. Oil, gold, it all went into a standstill for a few days until they could put it back together. This isn\u2019t the case today because everything is automated.\u201d<\/p>\n\n\n\n

\u201cThe issue here is that numerous governments around the world have the motive to attack each other. In the case of America, for instance, anyone from North Korea to Russia, Iran and even China may decide that they want to affect the American economy via a cyberattack. Fortunately, there are some checks in place,\u201d says Razak. <\/p>\n\n\n\n

Who is responsible for protecting the system?<\/strong><\/p>\n\n\n\n

\u201cI should think that it\u2019s clear that the central government of every country should represent their citizens and protect the companies that engage in business in their countries. If somebody is going after Chase Bank, then it\u2019s the United States that needs to protect Chase Bank because it\u2019s an American entity,\u201d says Razak. \u201cWithin the context of borders, any country that is protecting its rights is also protecting its citizen\u2019s rights.\u201d<\/p>\n\n\n\n

\u201cSadly, failing that, there is little individuals can do to protect their investments from these cyberattacks unless they have a really good mattress to put their money in. No one is entirely able to protect themselves,\u201d says Razak. \u201cThis isn\u2019t to say people should panic. I believe the financial systems have checks in place to protect themselves from cybercrimes. For many years, a few companies listed on the Nasdaq have been fully invested in creating these checkpoints to administer the financial system and offer protection from cyberattacks. Perhaps the best defence, though, is the threat of counter-attack. There is a lot more transparency in these things than people may realise, which helps to keep is a cold war.\u201d<\/p>\n\n\n\n

Misinformation is the real threat<\/strong><\/p>\n\n\n\n

\u201cThe massively increased digitisation of the world means that perhaps misinformation is the greater cyber threat than a direct cyberattack, particularly to individuals who engage in online trading<\/a>,\u201d cautions Razak. \u201cThe scary thing about ChatGPT and all the AI-infused software is that they are capable of presenting us a completely believable alternate reality. If we ever reach the point where we can\u2019t tell the difference between reality and what\u2019s made up, then we are going to face some really serious situations that should be a cause of concern.\u201d <\/p>\n\n\n\n

\u201cGovernments are always late to pick these sorts of threats up, and if there is one thing we should have learnt from the internet, it\u2019s that you can\u2019t wait to pick up these kinds of regulatory standards,\u2019 says Razak while acknowledging, \u201cI think the difficulty of putting regulatory standards in place is that we don\u2019t yet know what the ramifications would be. The internet is still a new frontier. As you go through new pastures, you are still learning the ramifications. There will always be a lag between the creation and any kind of regulatory standards and criminal fences.\u201d<\/p>\n\n\n\n

\u201cFinance will always attract people who want to earn money honestly and others who want to make it in nefarious ways. There will always be someone on the sidelines who is a victim,\u201d he says. \u201cIf you want to see where you should be putting your money when stock trading<\/a>, follow the industry leaders. Don\u2019t follow the people who are just making the big moves and the big mistakes. Warren Buffet never put any money in Gamestop.\u201d<\/p>\n\n\n\n

<\/span>\"\"
\n

<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

Cybercrime is becoming an increasingly significant issue for private businesses, individuals and government, and new threats are constantly emerging that prove it is now essential that business starts prioritising cybersecurity. What is cybercrime? Where is it coming from? And what is the expected impact on the economy? Fred Razak, Chief Trading Strategist at CMTrading, gives us his analysis.<\/p>\n","protected":false},"author":1,"featured_media":4733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[16,38],"tags":[49],"class_list":["post-4731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-digital-and-design","tag-national"],"featured_image_urls":{"full":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-scaled.jpg",2560,1706,false],"thumbnail":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-150x150.jpg",150,150,true],"medium":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-768x512.jpg",640,427,true],"large":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-1024x683.jpg",640,427,true],"1536x1536":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-1536x1024.jpg",1536,1024,true],"2048x2048":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-2048x1365.jpg",2048,1365,true],"magazine-7-slider-full":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-1536x1020.jpg",1536,1020,true],"magazine-7-slider-center":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-936x897.jpg",936,897,true],"magazine-7-featured":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-1024x683.jpg",1024,683,true],"magazine-7-medium":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-720x380.jpg",720,380,true],"magazine-7-medium-square":["https:\/\/www.thelife.digital\/tl\/wp-content\/uploads\/2023\/07\/Picture-purchased-and-supplied-by-agency-for-editorial-use-_CMTrading_cybercrime_-675x450.jpg",675,450,true]},"author_info":{"info":["TheLife Team"]},"category_info":"Articles & Advertisers<\/a> Digital and Design<\/a>","tag_info":"Digital and Design","comment_count":"0","_links":{"self":[{"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/posts\/4731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/comments?post=4731"}],"version-history":[{"count":2,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/posts\/4731\/revisions"}],"predecessor-version":[{"id":4901,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/posts\/4731\/revisions\/4901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/media\/4733"}],"wp:attachment":[{"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/media?parent=4731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/categories?post=4731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thelife.digital\/tl\/wp-json\/wp\/v2\/tags?post=4731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}