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Cyber attack on payment systems could cost $3.5 trillion loss to the world
Have you ever contemplated the potential ramifications of a highly sophisticated cyberattack targeting global payment systems? Lloyds of London, a prominent provider of insurance services, has undertaken an analysis that suggests the world could face staggering losses of up to $3.5 trillion in the event of a global payment system outage resulting from a cyberattack. […]
Ransomware attacks on schools fetched $6 Billion loss
According to a report compiled by Comparitech, Ransomware Attacks on schools and colleges operating in United States could have fetched a $6 billion loss to the institutes on a combined note in 2020 alone. The only good news is that the research team found that the average downtime was witnessed to have decreased from 14 […]
Year 2020 witnesses $6 Trillion loss through Cyber Attacks
It’s clear that the year 2020 hasn’t been a great year to many around the world on health front- all thanks to the spread of Corona Virus from China. But can you believe that the first 9 months have yielded a $6 trillion loss from cyber attacks. Speaking at the virtual conference Solarium 2020, organized […]
Report claims $11.5 billion loss from ransomware in 2019
A new report says that ransomware attacks quantified to $11.5 billion in damage in the year 2019 which confirms that those spreading file-encrypting malware has made some good profits for sure. According to a study made by Deep Instinct…hmm, not the Basic Instinct, hackers stayed more focused in 2019 in spreading ransomware and the loss […]
Ransomware attack on Demant fetches $95 million loss and FBI on Meridian Cyber Attack
Denmark based hearing aid manufacturer Demant has released an official statement yesterday stating that the ransomware attack which took place on its database early last month could fetch a $95 million loss to the company in the current financial year. The loss includes disruption of services, recovery, IT staffs extra pay to probe and contain […]
Cyber Attack on London Power Grid could cost £111 million per day
A Cyber Attack on the power grid of London could not only leave more than 1.5 million people in dark but could also cost the city a loss of £111 million per day says a new study made by ITRC of the University of Oxford. According to a study conducted by the UK Infrastructure Transitions […]
US businesses incurred $654 Billion loss from Cyber Attacks in 2018
A recent survey made by ForgeRock says that businesses operating in the US incurred a loss of $654 billion due to cyber attacks in 2018. But the loss estimate doesn’t include the after effects caused by cyber attacks such as data loss, reputation loss, and reduced customer loyalty. Healthcare industry happens to be the worst […]
Cyber Attacks on IoT cause £ 1billion loss to the UK economy
Recent research carried out by a Dutch Software firm named Irdeto claims that cyber attacks on the Internet of Things (IoT) are causing a £ 1billion loss to UK Economy. The software company estimates that the economy of the United Kingdom suffers over $244,000 loss on an average every year with malware attacks and data […]
NHS lost £92 million and Cancelled 19K appointments due to WannaCry Ransomware Attack
Do you know how much loss did the WannaCry Ransomware Attack cause to UK’s NHS? The news is out that the national healthcare provider lost almost £92 million and had to cancel almost 19,000 appointments due to the computer network disruption caused by the malware in May’17. The loss estimate of WannaCry Cyber Attack was […]
Cyber Attacks incur $100 billion losses to Financial Institutions
Cyber Attacks are bringing in $100 billion in losses to financial institutions(FIs) says a survey conducted by International Monetary Fund(IMF). This is due to the fact that FI’s play a vital role in procuring and handling funds. According to the IMF Staff Modeling Exercise report, hackers chose FI’s as easy targets due to the fact […]
