Cyber Law and Why It’s The Need of the Hour
Cyber law, also known as IT law, is associated with the legal issues related to the internet and computers. The laws encompass the rules of conduct that have been approved by the government. With cybercrimes growing rapidly in the world of tech today, legal guidelines for investigating offenses pertaining to intellectual property, cybercrimes, data protection and privacy, and electronic & digital signatures have become increasingly important. Unlike a few years ago when it was just a medium for information sharing and research, the internet today is the primary mode of communication, record maintenance and financial transactions. The digital sophistication has also contributed to the sophistication of crimes in the cyber space.
One of the biggest problems of cyber space is that it’s infinite and anonymous. This makes it difficult to trace cyber criminals and the origin of a cybercrime. This is the reason that cyber laws and a strict regulatory mechanism have become increasingly important in today’s day and age. In this article, we explore cyber law and its importance for protecting people as well as the organizations of the internet from malicious people on the internet.
Why is Cyber Law Important?
Affects All Industries
The internet has an impact on all industries as it has become an indispensable part of corporate and government institutions. Apart from knowledge sharing, the internet is used for record keeping, email, banking operations, and entertainment. The rapid digitization of all sectors has also increased the chances of the occurrence of cyber crimes. The law concerning the cyber space is important to protect the netizens who are affected by online frauds, virus attacks, email hijacking, phishing attacks, hacking, etc.
Economic Impact
Cyber crimes are becoming easier to carry out and the economies around the world are suffering. A report by The Center for Strategic and International Studies (CSIS) and McAfee, found that close to $600 billion, nearly one percent of global GDP, is lost to cybercrime each year. This is a significant jump from the figures from 2014 which put the global losses at about $445 billion. Failure by businesses to protect their Intellectual Property, IT networks and financial information can have a far-reaching economic impact. Stricter cyber laws, enforcement of security measures and Increased cooperation among international law enforcement agencies is the only way to tackle this global financial threat.
Prevents Large Scale Global Damage
The damage caused by cyber crimes can have devastating consequences for small and medium-sized enterprises. The rapid development of internet and computer technology globally has led to the growth of new forms of transnational crime especially Internet related. These crimes have virtually no boundaries and may affect any country across the globe. Thus, there is a need for awareness and enactment of necessary legislation in all countries for the prevention of computer related crime.
Cyber laws cover both individuals and organizations from becoming victims to unscrupulous activities. Some of the major issues that it covers include fraud, defamation, harassment, stalking, copyright issues and intellectual property. A well-defined framework of Cyber Laws, should be able to create and implement a minimum set of guiding rules of conduct that would facilitate efficient communications and reliable commerce through the use of Electronic medium and define, punish and prevent wrongful actions that attack the electronic medium or harm others.