Cyber-crime will cripple global economy, experts
Rwanda, March 8 – Cyber-crime has been listed as one of the top most risks that will set the global economy in disarray. Despite, the projection of a better global economy performance this year, Economists Intelligence Unit (EIU) has highlighted the threat cyber-crime poses in the destabilization of the economy.
Most of these incidences may be avidly affected in under-developed countries but developed countries cannot be ruled out from the attack as well. A number of institutions have been hacked and felt the pain of severe ‘restful’ hours that has cost them money, time and other resources in their bidding.
The attack has been rampant with a number of incidences being reported concerning the same. The offensive maneuver has been the main cause of business breakdowns, with the increasing technology and innovative advancements. The systems are rarely safe and computer gurus can take the advantage to make massive destructions.
In 2017, the cyberattacks were up by 20%. This is just a reflection of the bigger picture it could play in businesses and what chance a company stands in losing millions of investments. Other resourceful ammo as documents could be at risk of being lost, and could reflect the ripple effect on the operations of a company.
Government institutions are not exempted from the attacks too. With their high profile data, a better and stronger security system is needed to fend off hackers from accessing the privacy of the state. These vulnerabilities could avidly destroy the economy and hence should be on the watch out list.
Other risks that could weaken the global economy include terrorism and economic downturn, especially for power-houses as China and US. However, cyber-crimes has taken the limelight into shying off a number of businesses with their efforts seemingly to have a great negative impact.