Cybercrime: a very real threat to the economy

Everyone still remembers the 2008 subprime crisis that rocked the entire planet. While one might fear another such crisis in the future, Federal Reserve Chairman Jerome Powell believes more in the risk of a global cyberattack that would have dramatic repercussions for the economy.

How can cybercrime impact the economy?

Cybercrime includes malicious acts carried out online targeting companies, organizations, such as health systems, but also individuals in exchange for money. Cybercrime is increasingly costing the global economy. In 2020, this type of attack quadrupled. On CBS News’ ’60 Minutes’ program that airs Sunday, April 11, 2021, US Central Bank President Jerome Powell said: “ The world changes. The world evolves. And the risks too. And I would say the risk we watch the most is cyber risk “.

Cybercrime includes the theft of bank details or financial data, identity theft, theft and sale of corporate data, cyber espionage, and fraud by email or other online platforms. “ There are scenarios in which (…) the payment system cannot work. Payments cannot be made. There are scenarios where a large financial institution would lose the ability to track the payments it makes and things like that. »He added in remarks reported by Le Figaro.

Ever more sophisticated cybercriminal techniques

As the years go by, cybercriminals are more and more organized. For this, they make use of advanced techniques. These hackers are experts in their field. Using their computer skills, they can quickly infect an entire network of computers with viruses and malware.

In a study by McAfee and the CSIS group (Center for Strategic and International Studies), two-thirds of the 1,500 companies surveyed in seven countries indicated that they had been the victims of at least one cyber security incident during the year 2019. To protect themselves, more and more companies and organizations must invest in substantial budgets. ” So we spend a lot of time, energy and money to guard against this Jerome Powell explained. All governments are affected by cybercrime. In France, one billion euros have been allocated by the government in 2021 to fight against this scourge. Emmanuel Macron, who presented his plan in February 2021, also announced the creation of 40,000 jobs by 2025 in order to face these new threats.