Organization

Impact – Why It Matters

Financial problems: By stealing the credit card, bank details someone can use them for their own benefit like shopping or some other crime. This may lead to financial problem for you as your account will get zero or you will be debt. For example, study has shown that there were 16 million individuals who were victims of identity theft, 66% of this were reported direct financial loss (Harrell & Langton, 2013).
Emotional stress: Many victims experience fear, anger and depression. As their personal information is hacked and used by someone as. Sometimes it may take them long time to recovery for depression when their personal details are leaked on social media without their permission.
Reputation damage: When there is a breach in a company this can cause business disruptions, brand reputation, decrease in profit due to which the business will have very less customers. As breaches involve trade secrets or confidential information that can harm company and customers can also suffer from fraud (Labrecque, Markos, Swain & Pena, 2021).