Israeli Economy Suffers Multi-Billion Dollar Annual Losses From Cyberattacks

A new report from Israel’s National Cyber Directorate reveals that the country’s economy suffers a 12 billion Shekel ($3.3 billion) annual loss due to cyber attacks. The report also highlights studies indicating that organizations can reduce the risk of an attack by 30-50 percent through investment in basic protection measures.

The analysis in the report accounts for short-term damage handling costs such as payments to response teams, direct financial losses like downtime and data recovery, and medium to long-term impacts like loss of income, business opportunities, reputation damage, lawsuits, and harm to third parties. The analysis considers various types of attacks and their resulting business damages using both “top-down” and “bottom-up” approaches.

READ MORE : Melbourne Tragedy: Two Brothers Arrested For Fatally Stabbing Indian Student

“The data show for the first time the great economic burden on the national product that cyber-attacks have and the cumulative damage to the economy. If steps were not taken to increase the level of cyber protection at the level of the individual citizen and organization, the costs will continue to increase year by year with the continuation of technological development in all areas of life,” explains Shlomo Sarfati, chief economist at the National Cyber System.

“The understanding of the costs of the damage will support the making of policy decisions in the field and will also help to calculate the balanced steps in investing in the issue at the national level.”

ALSO READ : Delhi Electoral Office Collaborates With Rapido: Free Rides For Eligible Voters On May 25