Adrian Johnson
TLDR:
- Cybercrime costs are expected to rise to $23 trillion by 2027, according to Anne Neuberger
- Data shows that the economic impact of cyber-attacks may not be as large as predicted
Recent warnings about the increasing costs of cyber-attacks have raised concerns about the potential economic impact of such incidents. However, data collected by Tom Johansmeyer suggests that the situation may not be as dire as initially projected. In an analysis first published by Binding Hook, Johansmeyer examines the case of NotPetya, a Russian cyber-attack in 2017 that caused over $10 billion in damages. This cyber-attack, while significant, may not be representative of the overall trend in cybercrime costs.
Anne Neuberger, a top American cyber official, has predicted that cybercrime costs could reach $23 trillion by 2027, a sharp increase from $8.4 trillion in 2022. The IMF has also highlighted the growing threat of cyber-attacks, especially in the wake of the covid-19 pandemic where incidents have doubled. The risk of extreme losses from cyber incidents is seen as a significant concern that could impact macrofinancial stability.
While the warnings about cyber-attacks are valid and should not be dismissed, the data presented by Johansmeyer suggests that the economic impact of these attacks may not be as substantial as previously thought. It is important for organizations and governments to continue investing in cybersecurity measures and preparedness to mitigate the risks associated with cyber-attacks.
In conclusion, the cost of big cyber-attacks may not be rising as rapidly as predicted, but the threat they pose to businesses, governments, and individuals remains a pressing concern that requires ongoing attention and investment in cybersecurity.
