Many countries, including China, Russia and Iran, harbor criminals.
Ireland’s health services have been in shambles for the past month. On May 14, a cyber attack on the government system – Health Service Executive (HSE) – destroyed most of its commuter system. The hackers have demanded a ransom of Rs 148 crore. The government has not paid the ransom. His services did not return to normal until June 14. One such attack took place on May 7 on the American Colonial Pipeline Company. The company supplies half of the oil used on the east coast of the United States. The supply was restored when he paid a ransom of Rs 31 crore.
The cyber security industry is helpless against hackers. Microsoft estimates that Rs 9.19 lakh crore will be spent on antivirus software and firewalls for defense in 2020. These costs have increased by 64% in the last five years. Large companies and organizations have started taking out insurance against hacking. According to insurance company Munich RE, the cyber insurance market was worth Rs 51,000 crore in 2020, which is projected to grow to Rs 1.48 lakh crore by 2025. A report by a group of cyber security experts, Debate Security, said last year that despite all security measures, attacks were increasing every year. More attacks could occur if the cost behind the rescue does not increase. Most attacks take place from the enemy country.
The first attempt at ransomware or a cyber attack was to spread the virus through a floppy disk. Now technology companies, schools, hospitals, industries, power grids and military systems are being targeted. The financial industry is a new area of cybercrime. Experts are concerned about any bank collapse from the attack. Cybercrime is on the rise due to more devices being connected to the Internet network. Cyber risk has tripled in the world since 2013. Companies and public bodies are among the victims of cyber attacks. Governments are also involved in the attacks. They carry out attacks to test the ability to spy and harm the enemy country in battle. Cybercriminals in Russia, Iran and China are exempt, as they harm Western countries. © 2019 The Economist Newspaper Limited. All rights reserved.