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Decentralized cryptocurrencies and Dark Web cartels challenge the effectiveness of legislation, jurisdiction and law enforcement. This poses the question, when the economy is becoming more and more dependent on the internet, is the government losing control?
I’ll leave you to make that decision.
The government uses laws and theories to control and protect economic activity. But what is the significance of the Proceeds of Crime Act 2002 when funds are being stolen and converted into Bitcoin – a decentralized currency that no government has control over? What is the significance of international indictment agreements when the Dark Web conceals the location of the criminals?
Untraceable. Unrecoverable. Unidentifiable. These are all terms cyber incompetent businesses should get used to. Those are the consequences of negligence on the ever dynamic scene.
Arguably, more intelligence could assist in finding and bring criminals to justice as we have seen in many other high profile cybercrime services. When police budgets are being cut, what is the likelihood that petty cybercriminals will be caught when resources are so limited? As traffic to the Dark Web is increasing due to its exposure in the media and on primetime television shows, this pressure is likely to increase.
Furthermore, perpetrators are not limited by national borders. The UK has one of the strongest digital economies in the world, accounting for more than 25% of its GDP. Naturally, all this noise makes it a prime target for cyber criminals around the world. We would normally depend on our government to take the necessary steps to protect our economy, however, the freedoms provided by the internet make this more difficult. Thus being aware of the threats is not only beneficial to you, but the entire digital economy.
The internet has reformed the way we do business. The playing field is filled with opportunity, but is more dynamic, volatile and uncertain than ever before, and is starting to have a big role within economies around the world. Whether that worries you or not depends on whether you are prepared!