Report: Soon Hackers May Topple Global Economy

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Within the next five to seven years, as much as $21 trillion in global economic-value creation depends on robust cyber security.This estimate is part of a report prepared by McKinsey & Company. To put that number in context, a report by Bain & Company estimates that GDP will swell to $90 trillion by 2020.

With the figures from the two highly regarded management consulting firms put together, the magnitude of the risk posed by the cyber attack threats truly becomes clear. Using those two figures you could calculate the monetary impact as a percentage of the world’s GDP. That calculation indicates that 23 percent of the global GDP is at risk of cyber attacks and therefore dependent on cyber security!

iHLS – Israel Homeland Security

Given that these numbers are sure to make their way around the executive suite fairly quickly, it would seem to indicate action will be taken. Arguably one of the most impactful actions is the integration of corporate/business strategy with technology strategy and a hybrid physical /cyber security strategy.

According to Defense News given what we have seen in recent years, this would be a giant step forward when it comes to reducing this enormous risk! With this reasonably quantified risk, international leaders and organizations like the World Economic Forum must quickly move to address the global threat of cyber attacks and mitigate as best as can be done the economic implications identified above.