Topic: BusinessManagement

Last updated: January 5, 2020

Globalization and Hacker Attacks

However, globalization has also negative aspects. One of which is hacker attacks. Cybercrime has long since become outside borders, has lost its nationality and has broken language barriers. American energy companies are attacked by hackers from the Netherlands, Canada, and the United Kingdom, and in recent attacks on Ukraine’s strategic sites, experts note the Russian track.

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A recent study written using free online plagiarism checker with percentage shows that data loss is becoming one of the most serious threats to the business. According to experts, the damage from hacker attacks committed in recent years in the world ranges from $300 billion to $1 trillion. And these indicators tend to increase.

In the light of the growing number and severity of cybercrimes, the risk management of organizations is forced to add to its list one more danger for business and the state, which was previously ignored. Hacker attacks have become a reality today, not episodes of science fiction films. It is necessary to work with these risks and look for ways to optimize them. There are three main directions for such purposes. These are technological security solutions, educational work in the field of counteraction and prevention of cyber crimes, as well as cyber insurance.

In recent years, the tool of cyber insurance has become widespread on the international market. And now it is offered by more than 60 insurance companies around the world. The main goal of cyber insurance is to protect against large-scale hacker attacks. This type of insurance provides a financial mechanism for recovery after major losses, helping businesses to return to normal operation, maintain stability, solvency and reduce losses as a result of a break in production.


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