The digitisation of industries promises to raise living standards around the world. One threat stands in the way: cyber-attacks. Here's how to deal with them
ago, it might have been the plot of a trashy airport thriller. These days, it is routine. On May 7th cyber-criminals shut down the pipeline supplying almost half the oil to America’s east coast for five days. To get it flowing again, they demanded a $4.3m ransom from Colonial Pipeline Company, the owner. Days later, a similar “ransomware” assault crippled most hospitals in Ireland.that will impinge on everyone, from tech firms to schools and armies.
A forthcoming study from London Business School captures the trends by examining comments made to investors by 12,000 listed firms in 85 countries over two decades. Cyber-risk has more than quadrupled since 2002 and tripled since 2013. The pattern of activity has become more global and has affected a broader range of industries. Workers logging in from home during the pandemic have almost certainly added to the risks. The number of affected firms is at a record high.
Dealing with cyber-insecurity is hard because it blurs the boundaries between state and private actors and between geopolitics and crime. The victims of cyber-attacks include firms and public bodies. The perpetrators include states conducting espionage and testing their ability to inflict damage in war, but also criminal gangs in Russia, Iran and China whose presence is tolerated because they are an irritant to the West.
Fixing the private sector’s incentives is the first step. Officials in America, Britain and France want to ban insurance coverage of ransom payments, on the ground that it encourages further attacks. Better to require companies to publicly disclose attacks and their potential cost. In America, for example, the requirements are vague and involve large time lags.
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