Cybercrime and Its Impact on International Trade - Research Paper Example

Internet, one of the most compelling technological inventions by mankind during the 1970s, has made unprecedented progress in the last few years. In recent times ‘e-trade’ via the Internet has become extremely popular. However, this booming trade and commerce in the cyberspace, has also attracted undue attention from certain criminal quarters. Their various fraudulent activities over the Internet have already got the warning bells ringing, and are promising to slowly snowball into a global problem if left unchecked for long.

This article will explore the virtual world, the ongoing e-trade, and the cybercrimes that threaten to destroy it all.Executive summary: Since the mid-1990s, the European Union, the Council of Europe and the Group of Eight (G8), have come together and made a number of laws and various other regulations to fight against organized crimes that are international in nature. Within the scope of this joint phenomenological convention, greater attention is now being given to what is known as the ‘cybercrime’.

Policing the cyber world is not an easy task, and there are various unending debates as to who should be held responsible for doing the arduous job of policing this ‘virtual world’, which is limitless in its scope and possibilities. In today’s world Internet has thrown open a gate that presents unprecedented contingencies for businesses of various sorts at a much cheaper rate and with various other benefits. Along with this scope of an improved trade and commerce scenario, there have also entered the criminals of the cyber world, who all have found many manipulative ways to exploit the various facilities of the Internet, in a manner that is detrimental to the society at large.

Thus, today the need of the hour is to create a uniformly secured cyber world environment, worldwide, which is legally protected, to ensure the continuity of the growth of net-based international trade.