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Growing costs of cyber attacks laid bare

Last month the Australian government revealed that firms, including steel maker BlueScope, logistics firm Toll Group, and the state government agency Services New South Wales had been victims of state-backed cyber-security attacks.

These types of attacks are a growing challenge and, over the last decade, cyber security has become an increasingly important problem whether that’s compromising an organisation’s key functions and processes or exposing sensitive data to opportunistic criminals.

Specops Software has analysed data from the Center for Strategic and International Studies (CSIS) to discover which countries across the world have experienced the most “significant” cyber-attacks between May 2006 and June 2020.

The United States of America came top, with a total of 156 attacks between May 2006 and June 2020. One of the USA’s most recent breaches, in May 2020, was brought to light by the National Security Agency (NSA), who found that Russian hackers were exploiting a bug in a commonly used email server to infiltrate sensitive data from American organisations

Following the USA is the United Kingdom, which saw 47 cyber-attacks classified as “significant”, India came third and Germany fourth.

The techniques most commonly used include, according to Specops: Denial of Service Attacks (DoS); SQL Injection Attacks; man-in-the-middle (MitM) and Phishing Attacks.

The economic consequences of these attacks are massive and underline the urgent need to address and prepare for them and, demonstrating the size of that challenge, research from Cybersecurity Ventures suggests that cyber-attacks could cost the global economy over $6 trillion per year by 2021.

Author
Neil Tyler

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