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 by Synergia, Lt General Rajesh Pant working for the Indian National Cybersecurity Services disclosed the above stated fact and said that the end to these crises can only be attained from a robust bilateral relations, public, private partnership and information sharing on an international arena.

Robert Morgues, Senior Director working for US Cyber Space Solarium Commission Task Force 2 and Laura Bates, the senior director for US Cyber Space Solarium Commission Task Force 3 concurred with the thoughts of Lt. Rajesh and added that governments across the world should play an active role in protecting the digital privacy of their respective citizens by creating a secure cyber space.

As many developed country leaders are busy fighting it out, uniform cyber laws and lack of cyber diplomacy are making it easy for cyber criminals to launch sophisticated cyber attacks on the critical infrastructure.

Therefore, western country leaders are being urged to draft and implement Cybersecurity laws that are endorsed with international collaboration, allowing information sharing on a central platform to promote a healthy cyber ecosystem.

Note- $6 Trillion is a massive amount and can help countries like Venezuela come out from the economic crisis. So, loosing it in just 9 months because of cyber attacks is a serious thing that quickly needs utmost international attention.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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