THE ECONOMIC AND SOCIETAL IMPACT…
…is clear and growing.
- There were 5.19 billion internet users by July 2023 and more than 7.5 billion projected by 2030.
- Cybercrime cost the world 3 trillion dollars in 2015. It is projected to reach $13.82 trillion annually in 2028 (more profitable than the global illegal drug trade).
- Per Microsoft, data volumes were 50 times greater in 2020 than they were in 2016.
- 300 billion cyber passwords will require protection by the end of 2020.
- Wearable device sales were estimated to have reached 1.1 billion in 2022 (vs. 310 million in 2017).
- The number of IoT devices (devices that communicate wirelessly) is projected to reach 30.9 billion in 2025 (compared to only 2 billion in 2006).
- The global estimate of the number of sensors, linked to IoT, mobile/wearable devices, digital health/environmental monitoring, context computing, SI, hyper-imaging, macroscopes, medical “labs on a chip” and silicon photonics is over 50 billion in 2020 and projected to reach 1 trillion in 20 years.
- Implantable medical devices (including cardiac defibrillators (ICD’s), deep brain stimulators, insulin pumps, ear tubes etc.) connected wirelessly (hundreds of thousands to millions) can be hacked.
- An estimated 20 million “connected” (online) cars (or 90%) were shipped in 2020 (vs. 2% in 2012). It is projected that by 2025, there will be over 400 million connected cars in operation, up from 237 million in 2021.
- Ransomware (the fastest-growing cybercrime), attacks were attempted 623 million times in 2021, up from 183 million attempts in 2017. By the second quarters of 2023, the average ransom paid out worldwide was over $740,000 USD.
- The five most “hacked” industries worldwide in 2022 were Manufacturing (25%), Finance/Insurance (19%), Professional/Business/Consumer services (15%), Energy (11%), and Retail/Wholesale (9%)
- In 2022, healthcare organizations worldwide suffered an average of 1.463 cyberattacks per week (up 74% from 2021), with ransomware being the most devastating in terms of finances and patient safety. In 2022, 24 US-based healthcare organizations were the target of successful ransomware attacks, affecting a total of 278 hospital, directly impacting the physical safety of American citizens.
- The numbers of sites comprising the hidden Deep or Dark Web (sites inaccessible by search engines) while difficult to estimate is thought to be is well over 5,000 times larger than accessible sites.
- Hackers exploit increased vulnerabilities during natural disasters. (e.g., minimal cybersecurity resources of remote workers leading to ransomware attacks). The FBI’s Internet Crime Compliant Center (IC3.gov) increased three-fold in 2020.
- Cyber-attacks on these systems cost not only trillions of dollars but impact millions of lives directly and indirectly – compromising health, security and safety. The societal cost of cyber-crime and cyber-terrorism are increasing at an accelerated rate. Improved cyber-security is crucial – developing Analog GuardTM technology is critical.
NOTEABLE HACKS & THE AFTERMATH
“The global cyber-security market is expected to reach USD 241.1 billion by 2025 with an 11% CAGR (other projections predict a 12-15% CAGR).”
Cybercrime Losses Exceeded $10 Billion in 2022: FBI
The FBI received more than 800,000 cybercrime-related complaints in 2022, with losses totaling over $10 billion.
Security Week, Mar 13, 2023, by Eduard Kovacs
(click for full article)
Data Breaches In 2022 and 2023 (so far)
Apple, Meta, Twitter and many others have disclosed cybersecurity attacks.
Tech.co, July 27, 2023, by Aaron Drapkin
(click for full article)
US energy department, other agencies hit in global hacking spree
The U.S. Department of Energy and several other federal agencies were hit in a global hacking campaign that exploited a vulnerability in widely used file-transfer software…
Reuters, June 15th, 2023, by Zeba Siddiqui and Raphael Satter
(click for full article)
Hackers who breached casino giants MGM, Caesars also hit 3 other firms, Okta says
SAN FRANCISCO: Hackers who breached casino giants MGM Resorts International (MGM.N) and Caesars Entertainment (CZR.O) in recent weeks also broke into the systems of three other companies in the manufacturing, retail, and technology space, a security executive familiar with the matter said.
Reuters, Sep 18, 2023, by Zeba Siddiqui
(click for full article)
Noteable Crypto Currency Hacks
The Largest Cryptocurrency Hacks So Far
It has been argued that blockchain projects are secure, but back-to-back attacks in 2022 shattered this myth.
Investopedia, Nov 17, 2022, by Kevin George
(click for full article)
Top 9 cryptocurrency hacks of 2022
2022 was a record-breaking year for cryptocurrency attacks. Several of these cryptocurrency hacks occurred on the cross-chain exchange bridges.
Techtarget.com, Mar 28, 2023, by Amanda Hetler, Sr. Editor
(click for full article)