Cyberattacks Are Costly, and Things Could Get Worse: US Report
Cyberattacks cost the United States between $57 billion and $109 billion in 2016, a White House report said Friday, warning of a "spillover" effect for the broader economy if the situation worsens.
A
report by the White House Council of Economic Advisers sought to quantify what it called "malicious cyber activity directed at private and public entities" including denial of service attacks, data breaches and theft of intellectual property, and sensitive financial and strategic information.
It warned of malicious activity by "nation-states" and specifically cited Russia, China, Iran, and North Korea.
The report noted particular concern over attacks on so-called
critical infrastructure, such as highways, power grids, communications systems, dams, and food production facilities which could lead to important spillover impacts beyond the target victims.
"If a firm owns a critical infrastructure asset, an attack against this firm could cause major disruption throughout the economy," the report said.
It added that concerns were high around cyberattacks against the financial and energy sectors.
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