Ransomware attacks will cost the world $193 billion, Cyber Risk

London: A global report warns that the ransomware received through emails and demanding ransom after targeting the computers, can cost the world nearly $193 billion. The report also claims that more than 600,000 companies are vulnerable to significant financial losses due to these ransomware attacks. The statistics published by the US Company Cybint, only last month, says that the economy suffered losses worth $1 trillion in the year 2018.

The NTU University from Singapore, in collaboration with the leading insurance companies in the world, has started a project named ‘Cyber Risk Management’. A separate report titled ‘Bashe Attack: Global Infection by Contagious Software’ has been prepared. This report takes into account the preparations of various companies for cybersecurity and insurance provisions made to cover the financial losses.

If a cyber attack is initiated with an unsecured mail, more than 30 million computers and smartphones may get affected within 24 hours. The cyber attack will be structured in such a way that every affected agency will have to pay a specific amount, to be relieved from this attack. The Cyber Risk Management report (CyRiM), says that more than 600,000 businesses and industries will have to suffer losses of nearly $193 billion.

The American and European continents will be the most affected and the retail, banking, healthcare and manufacturing sectors will suffer the highest losses. The report expresses concern that the United States is likely to suffer the highest losses amounting to $89 billion and the worst affected sector will be healthcare, with losses to the tune of $25 billion.

The report points out the tendency in the government and industry to ignore cybersecurity, despite a consistent rise in the number of cyber attacks over the last decade. As per the statistics of the US company Cybint, only 38% of the world industries have accepted making preparations to augment cybersecurity to counter cyber attacks. The British company ‘Juniper Research’, working in cybersecurity, has expressed fears that the world may suffer losses to the tune of $2 trillion in cyber attacks, in the year 2019.

The Wannacry ransomware attack in 2017 is considered to be the biggest ransomware attack in the history. It was revealed that thousands of companies from nearly 150 countries had been affected by it.