A cyber attack on the US power grid and related infrastructure could cost the country as much as $1tn in economic damage, a major report has warned.
The Business Blackout report (PDF) produced by insurers Lloyds of London and the University of Cambridge’s Centre for Risk Studies paints the worst case scenario if a major malware attack were to cripple the east coast of the US.
The report also pointed out that, while cyber security threats are a big concern that needs to be considered by every organisation, they should not be feared as cataclysmic events as even the most ardent and sophisticated hackers face limitations in their attacks.
Sophisticated cyber attacks that hit infrastructure are becoming a real threat to many nations. Several high-profile malware tools have been uncovered in systems over the years, such as Stuxnet in Iran. Therefore it remains more imperative than ever that system hardening and host intrusion detection are put in place when developing an security strategy, and that organisations of all sizes adopt a focus on continuous breach detection.
Read the full article on V3 here.