– Cyber war is increasing threat – Investors are not prepared for
– Third most likely global risk in 2018 is cyber war say WEF
– “Scale and sophistication of attacks is going to grow”
– EU, US, NATO lay down ground rules for offensive cyber war
– Ireland is viable target for attackers but is ‘grossly unprepared for cyber war’
– UK should expect attack that cripples infrastructure within 2 years
– Trump administration may use nuclear weapons in response to cyber attacks
– Cyber war designed to have a economic impact on countries
– Invest in physical assets as well as digital assets & currencies
– Avoid ETF and digital gold and own physical gold that is allocated and segregated
Cyber-attacks are the third most likely global risk for 2018, behind extreme weather conditions and natural disasters, according to a new report by the World Economic Forum.
Estimated to cost over $1 trillion per year, cyber-attacks are now more expensive than natural disasters which in 2017 brought in a bill of $300 billion.
“We are still under resourced in the amount of effort put into trying to mitigate this risk…Cyber is at or above the scale of natural catastrophes [in terms of financial damage caused] and yet the comparative infrastructure is much smaller in scale,” according to John Drzik of WEF report partner Marsh.
The World Economic Forum’s Margareta Drzeniek-Hanouz, head of economic progress, told a press conference that cyber-risks are affecting society and the economy in “new, broader ways.”
They now impact not just the corporate sector as we usually assume but also government infrastructures and the geopolitical sphere. Arguably we are also seeing them shape societies.
The report’s launch comes at a time when cyber-attack warnings are coming in thick and fast. Governments have been warned this week that they are grossly underprepared for an attack which could see politics taken out of the electorate’s hands, billions wiped from financial markets and chaos generally created between otherwise peaceful nations.
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