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The cybersquatting phenomenon: What it is and the top culprits

As the internet has expanded in recent years to become a vital part of practically everything, companies have been scrambling to get their hands on the best domains in order to leverage their business potential to the maximum.

But, this has been made tricky by a growing phenomenon known as cybersquatting, which is where companies or individuals register a particular domain with the sole intention of selling it on at a later date.

The domains usually contain a brand of company name, meaning the owners can charge astronomical amounts when the respective brand comes calling.

Cybersquatting really came into prominence in 2011 when the organisation in charge of top-level domains (ICAAN) expanded the number of domains available. Over 500 have since been approved with a further 837 under process.

The US is currently the country filing the most domain name cases, with the top five industries consisting of retail (13 per cent), banking and finance (11 per cent), fashion (10.3 per cent), internet and IT (7 per cent) and heavy industry and machinery (6.3 per cent)

To delve a little deeper into the cybersquatting phenomenon, mobile app development firm IrishApps has created an infographic, which can be found below.