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Global cost of cyberattacks to hit $23 trillion in 2027: US official

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Jekki Pascual, ABS-CBN News

<p>MANILA -- The United States on Wednesday said it is alarmed with the rising number of incidents of cyber attacks around the world, including in Asia, which are seen to cost trillions of dollars in the next few years.</p><p>Speaking to journalists in a briefing, Anne Neuberger, US Deputy Assistant to the President and Deputy National Security Advisor said that globally, the costs of cybercrime could hit $23 trillion in just 4 years.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/10/15/23/youve-been-hacked-house-website-defaced-goes-offline">&#x27;You&#x27;ve been hacked&#x27;: House website defaced, goes offline</a></li></ul><p>“From the data we see according to (Federal Bureau of Investigation) and (International Monetary Fund) data, the average annual cost of cybercrime worldwide is expected to soar from $8.4 trillion in 2022 to more than $23 trillion in 2027,” Neuberger said, who is in Singapore to attend the Singapore International Cyber Week.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/10/11/23/philhealth-to-notify-members-who-have-compromised-data">PhilHealth to notify members who have compromised data</a></li></ul><p>Cyberattacks have become rampant, targeting not just government institutions, but businesses and ordinary citizens, the official said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/12/23/dost-reports-data-leak-incident-involving-oneexpert-portal">DOST reports data leak incident involving OneExpert portal</a></li></ul><p>These attacks include data breaches meant to steal data and personal information which will then be used to steal money from victims.</p><p>“It is significantly impacting citizens, companies, and infrastructure like hospitals, schools in many countries in the region. And certainly, there is a national security aspect in terms of the disruption, in terms of the costs,” she said.</p><p>“Cyber intrusions and attacks have resulted in over $189 billion in costs for the ASEAN region,” Neuberger added.</p><p>One particular case she mentioned is how North Korea hacked into cryptocurrency infrastructure, laundering money to fund their missile program. She said the US has met with officials from Japan and South Korea to tackle the issue.</p><p>“North Korean hacking of cryptocurrency infrastructure around the world including in Singapore, Vietnam and Hong Kong is a major source of revenue for the regime that’s to finance the advancing of the missile program and the far greater number of launches we’ve seen in the last year.”</p><p>The US is partnering with more countries to combat the growing threat of cybercrimes as it shifted from merely investigating to actually disrupting the operations of cyber criminals, the official said.</p><p>The US launched the International Counter Ransomware Initiative in 2022 which has dozens of countries as members. The United States is also inviting more countries to join the initiative as ransomware attacks have become prevalent. Almost all nations in the ASEAN, including the Philippines, are not yet members of the initiative.</p><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2819469" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The United States said cyberattacks around the world can cost trillions of dollars.

Global cost of cyberattacks to hit $23 trillion in 2027: US official

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Global cost of cyberattacks to hit $23 trillion in 2027: US official

Jekki Pascual,

ABS-CBN News

Published October 18, 2023 04:01 PM PHT

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