global economy. How is Cybercrime affecting various economies? The money lost due to Cybercrime is not only a stress for smaller economies but also great economies such as the US or China are facing huge loss due to Cyberattack. In 2015, due to Cyberattack President Barrack Obama himself accepted that he would take harder steps for avoiding these attacks. There are many times political tensions among two countries because of Cyberattacks as one country accuses other of attacking purposefully. It is done to attack other’s economies and make them suffer huge monetary losses. Loss of Production or Production cost due to Cyber Attack Cyberattack is not less than a bad nightmare which doesn’t let a company sleep for nights as it is happening to the companies often & many times they are not even able to identify its starting. It may just be a click or an email that can hurt them a lot, as many times after an attack the company is not able to get access of their website or have to stop all their work during this time to prevent further harms. Also, after the attacks, they have to sanitize their entire network to make it secure again, and during this time they face huge monetary losses apart from likely loss of reputation & goodwill. Sometimes hackers use technologies by which they hack several companies at the same time, and which costs a huge production loss. For example, in 2016 an attack named Wanna Cry was able to access many computers & networks at the same time. Many hospitals and critical computers were infected which went useless and affected the health care system worldwide. In the same manner the hackers can hack account details and can attack many companies account at the same time. Cyber attacks on Money transactions or Banks Numerous movies or series also show a very interesting way where a coder or hacker hacks a bank account and takes all the money . But in real life, bank account money is being withdrawn without such sophisticated hacking. At times it maybe just clicking “yes” or by accepting a dubious link, you lose all your bank money. The hackers are getting smarter day by day and can hack bank accounts or make monetary transactions without even knowing the bank details by only hacking your phones or other mobile devices. Cyberattacks can affect companies’ investors! It takes years and huge amounts of investments to make the name of any brand and because of a silly attack, many brands lose their hard earned permanent customers. Many investors sell their shares to not to face more losses & many consumers stop trusting the brands. Shareholders also leave their share as they are in doubt of getting money recovered. On the other hand, Competitors are not going to leave this opportunity as they start offering more profitable offers or start comparing their goods with the situation when the company suffered the act. Many companies even shut down or face debt in this situation as investors only want to invest in the company they trust and also customers want to buy from the company they trust. At times the victim company may go bankrupt as well . Fines, debts, or penalties due to cyber attack When a company suffers from a Cyberattack, it faces numerous issues such as loss of data (personal, financial, and health data) that can cause them penalties like insurance policies, bills, or fines. Many times, the attacked company may have to face severe court cases in which fines or penalties can be held, and they have to pay it.  For example, many web companies keep PII (personally identifiable information) for their verification of users but when a cyber-attack happens, these PII’s are stolen and are used to blackmail the users (they may be big or well-known personalities like a politian or actor) and demand a huge amount of money from it. The case will be on the company, and they have to pay fines for it. Loses in the recovery of data by the cyber attack    After an attack a company does everything, they can keep themselves in the market and in this process, they need recovery but as big the attack was as complex the recovery will be. So, in this process, they need to hire professionals, they must spend on tools and even after spending a lot there is no surety of getting every single data back. Many times, when the attack happens during money transactions or online banking and bank comes to know at the right time, there can be recovery of some amount.  But even in this process, there are only 2% chances of getting all money back, while the company have to pay the professional fee which may be many times more. No matter cyber attacks are smaller or big, they mostly are done because of money or it causes monetary  loss to the company. “Cyber Crime” is proving itself as a global issue for the entire world’s economy. About SNS Secure Network Solutions (SNS) is a Cyber Security focused company and has been helping businesses use internet safely for last 21 years. For any cyber security concerns and to protect your business against cyber-attacks, feel free to write us at : [email protected]