Threats to Information, Security and Availability

So, no wonder this is attracting the criminals of this world. The only need a laptop to get going and use Cybercrime as a Service to easy make millions of USD’s. 3 If it were measured as a country, then cybercrime —which is predicted to inflict damages totalling $8 trillion USD globally in 2023 —would be the world’s third-largest economy after the U.S. and China. Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm. CYBERSECURITYMAGAZINE 2 REPORTS THAT GLOBAL CYBERCRIME DAMAGE IS PREDICTED TO HIT $10.5 TRILLION ANNUALLY BY 2025.

Cybercrime is rocketing

A cyberattack could potentially disable the economy of a city, state, or an entire country. Billionaire businessman and philanthropist Warren Buffet calls cybercrime the number one problem with mankind and cyberattacks a bigger threat to humanity than nuclear weapons. I don’t know that much about cyber, but I do think that’s the number one problem with a mankind. 1 “ Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next three years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. This represents the greatest transfer of economic wealth in history , risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined.

Zurich Insurance Group Ltd is a Swiss insurance company, headquartered in Zürich, and the country’s largest insurer. As of 2021, the group is the world’s 112th largest public company according to Forbes’ Global 2000s list. The chief executive of Zurich, Mario Greco, warned at year end 2022 that cyber-attacks, rather than natural catastrophes, will become uninsurable as the disruption from hacks continues to grow. 4 Two weeks later, Zurich Insurance suffered a cyber-attack! Their Japan subsidiary was attacked, with hackers stealing sensitive customer data. Cyber-attacks will become uninsurable

WAR EXACERBATES THE SITUATION. TheWorld Economic Forum’s Global Risk Report 2020 cited the collapse of infor mation infrastructure and large-scale cyberattacks as the biggest risks. After the sanctions imposed by theWest on Russia, the situation worsened, with experts predicting a further increase in cyberattacks on key infrastructures. The global financial markets are not immune to these risks, and there is massive potential for the disruption of key financial services. Clearly, financial institutions must therefore invest in cyber defences to ensure that important financial services are not disrupted. 5

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