Economic Consequences of Cybercrime and Legal Regulation Mechanisms in Georgia

Abstract

With the development of Internet technologies, cybercrime has also evolved and diversified. Much of the world's economic and business information comes from electronic information, and the need for remote work caused by the coronavirus (COVID-19) pandemic has further increased demand for e-services, which in turn has contributed to increased technology risks, threats, and incidents. The main task of the states is to actively fight against the negative socio-economic, financial, and political consequences caused by the growth of cybercrime. The main purpose of the study is to assess the negative consequences of cybercrime in Georgia, the main threats to information security, to develop recommendations for the prevention of cybercrime, to improve its legal regulation mechanisms. The fight against cybercrime in Georgia is carried out using criminal norms. The law "On Information Security" is in force in the country, Georgia's cyber security strategy has been developed, but this process needs constant development. The main task of the state is to gradually improve the legislation and bring it in line with modern technologies, to ensure close cooperation between the state and society, to raise the awareness of civil society. It is essential to constantly inform the public and companies about cyber threats, as effective prevention is the best form of crime prevention policy.