News | 07/10/2019

The world paid $ 45bn to the Cyber Attacks of 2018

About: Prominent Cyber attacks are known to have generated a revenue of around 45 billion dollars worldwide for the developers, in the year 2018 including Marriott scam

| News | The world paid $ 45bn to the Cyber Attacks of 2018

A study shows that the Cyber Attacks in 2018 earned around $ 45bn – a huge loss for the governments. This result has been surveyed this year after the consecutive failed attempts by the native governments worldwide to stop the malicious activities such as ransomware, browser hijacking etc. from harming the computers.




The reports also put some light on the fact that the cyber criminals have become more vigilant and choose their victims in a sophisticating manner. Many attacks could have been avoided from penetrating the systems if the cyber security would have been improved a bit.


Other prominent losses were due to multiple fraudulent business emails’ take-over along with ‘cryptojacking’ and network hijacking to generate BTC or other digital currencies – claims The Internet Society’s Online Trust Alliance according to the data compiled from United States and other international reports.


The security analysts around the world claim to have found more than 6500 multiple computer take-overs and exposed around five billion records in the calendar year of 2018. As many attacks among these were not reported, the reports’ conclusions are not certain – says the Alliance director, Jeff Wilbur.


Jeff Wilbur


He further said,” The financial Impact on cybercrime is up significantly and cyber criminals are becoming more skilled at profiting from their attacks.”


The results claim that only ransomware generated revenue of around $ 8 billion for the developers. Of these attacks, some were the eminent incidents that targeted Atlanta, Baltimore and Georgia along with Maryland. These attacks compelled governments to update their security systems.


The report also claimed that though the number of ransomware cyber attack cases witnessed a fall of around 20% still the financial losses crossed the barrier and hiked up to 60%. The developers of such malicious programs are also known to earn huge sums from the side-act that is the fake/spam emails scam. These scams involve impersonation of employees or vendors. This technique has been named as ‘phishing’. The reports claim that these phishing activities cost the victim all across the globe, around $ 1.3 billion.


This annual report is a summation of the data given by the security firms such as Symentec and Trend Micro along with the data extracted from Law enforcement agencies like FBI and other international organization.


Among the prominent cases were the AADHAR record breach in India that involved data leaks of around 1.1 billion people’s IDs along with the cyber attack on Marriott/Starwood chain that is believed to have impacted 383 million people.


The way they get in continues to be relatively constant” said Wilbur stating that the way remains same as there is someone on the other end who clicks on false or pretentious emails.       

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