Global Cyber-Attacks Will Cost $6 Trillion Annually by 2021

CryptoMode Cyber-Attacks Global Cost Hedera Bitrue

Cyber-attacks remain very problematic in this modern day and age. Numerous countries deal with these issues on a rather regular basis. Beefing up cyber security needs to be accelerated, before things really get out of hands. 

Cyber-attacks Invoke a Hefty Price to Pay 

Several factors are attributed to cyber-attacks. It is not merely a matter of disrupting live services or products. Criminals have grown more adept at making their mark in quick succession. The financial impact of their actions cannot be underestimated by any means.

According to research from Cybersecurity Ventures, the costs will become very steep. If cyber security isn’t improved upon, next year’s net cost will reach $6 trillion annually. Although this is on a global scale, the overall figure is very problematic. 

A unified approach to cyber security is very difficult to come by. Every industry and segment is doing things at their own pace. Some are already preparing for the cyber war that will eventually take place. Others continue to wait and see what happens, and bleed money at the same time. 

Moreover, criminals tend to note bigger successes in specific regions. While cyber-attacks are a global problem, some countries note more of this activity compared to others. Unfortunately, it seems unlikely that this will change in the near future.

Targeted Regions & Attack Methods

As one would come to expect, the United States has faced the most major cyber-attacks since 2006. With 156 of these incidents in 15 years, a very problematic scenario ensues. Second on the list is the UK, with “just” 47 major incidents.

Completing the top 5 are India, Germany, and South Korea. This latter country won’t come as much of a surprise simply because it borders in North Korea. South Korean crypto exchanges have also fallen victim to numerous attacks over the years, but it seems as if those aren’t counted in this list. 

Finding methods of attack is anything but a complex procedure. The tried and test approaches will often work best. Denial of Service attacks are the most commonly used. It is a very “efficient” attack to pull off, and it can lead to financial compensation for halting the attack. 

Surprisingly, the SQL Injection attack method remains very prevalent. Virtually every company and agency relies on databases to store data. It is an old model that needs to be replaced by newer technologies. Otherwise, these SQL injection attacks will continue to prove a hassle.

Other potential attack vectors include man-in-the-middle breaches and phishing. All of these cyber-attacks are very prominent, and tend to be far too successful to boot. 

Criminals will continue to look for ways to gain sensitive information from their targets. Until companies and agencies step up their game, this problematic situation will remain in place.

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