CYBER ATTACKS on critical infrastructure are multiplying, and are now one of the top two or three priorities that CEOs know they must deal with, says Kumar Parakala, Global Digital Leader of the diversified professional services company, GHD.
He says the rate of growth of cyber threats has been exponential — a seven-fold increase in two years. And the costs are escalating.
Lloyds, in a joint report with Cyence, a leading cyber risk analytics modelling firm, estimates that the impact of a major global cyber-attack has the potential to trigger US$53 billion in economic losses.
That is roughly the equivalent of a catastrophic natural disaster like 2012’s Superstorm Sandy.
“A serious global cyber-attack — on predominantly businesses, government agencies and some individuals — is anticipated to cause that level of havoc, Parakala told ATI.
Some expect global cyber-crime damage to reach US$6 trillion annually by 2021 — up from US$3 trillion in 2015.
And spending on cyber security could exceed US$1 trillion from 2017-2021. The rising tide of cyber-crime pushed information security
(a subset of cybersecurity) spending alone to more than US$86.4 billion in 2017, according to the research and advisory group, Gartner.
Sunday, July 5 2020 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia