An Economic Forecast for Digital Damages in 2003

news alert (excerpt)

London, UK - 31 January 2003, 10:30 GMT - In January 2003, the worldwide economic damage caused by verifiable overt digital attacks (at an all time high of nearly 20,000), covert attacks and malware outbreaks such as Slammer's Denial of Service, is now estimated to have crossed $8 Billion according to a study completed by the mi2g Intelligence Unit for the banking, insurance and reinsurance industry and released this morning.

As if hacker attacks were not posing enough of a risk, the Slammer malware attack caused a major disruption to digital networks announcing its arrival in South East Asia on 25th January and spreading worldwide. As Slammer spread across the globe and caused an impact, the following cases were widely witnessed:

1. Emergency Services - Interference with emergency services telephone systems
2. Internet Back Bone - Disruption to 5 of 13 root DNS servers
3. Airlines - Online airline ticketing systems were disrupted
4. Banking - Automatic Teller Machines failed or slowed down
5. Payment Systems - Credit card services were disrupted
6. Nationwide Incidents - Internet, Computing and Telecom (ICT) services were disrupted in South Korea and other major countries for up to 9 hours


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