Answer to Question #311514 in Sociology for pawah erastus

Question

Question: Assume an economy has fallen victim to cybercrime, briefly discus some of the major effects this may have on a given economy.

Answer 1

The country will experience a loss in revenue as most investors move way to other countries to avoid losses from cyber attacks. Furthermore, the country's cost of living will rise by increasing the price of important goods such as food and fuel as the country invests in improving security to handle cybercrime. In addition, cybercrime affects the economy by disrupting the country's normal operations leading to loss of revenue.