Cyber warfare costs to hit $20 billion
By Jo Pettitt
VNU Newswire, © VNU Business Publications 1999
The cost of correcting cyber warfare incidents will exceed $20 billion worldwide
this year, a UK research company has claimed.
Battersea based mi2g, which will advise company chiefs on the topic
at a seminar in London tonight, said concerns within leading UK businesses
over cyber attacks have been heightened since the beginning of the year.
The company said that in the last seven months, their have been major virus
attacks and several full scale cyber attacks.
The Melissa virus in March, Chernobyl virus in April and the Explorezip worm
virus in June cost corporations hugely in unplanned and unbudgeted resources
mi2g added the cost of disabled computers and there down time is already
exceeding $2.5 billion for each major cyber warfare incident.
Company founder and managing director DK Matai commented: "The
key question is how does one plan for business continuity in the coming years
as organisations become totally dependent on IT networks and this type of
economic terrorism continues to grow geometrically?"
He added: "Expenses and time lost are rising
much faster than budgets."