Goldman analyst warns cyberwarfare could inflict high economic costs
Ronnie Walker, an economist at Goldman Sachs, in a wrap of research on the topic, said cyberattacks are expected to cause damage of about $1 trillion to the global economy each year
• Cyberattacks could cause $1 trillion in damage to the global economy annually
• Two-thirds of all the cyberattacks were attributed to Russia in recent years
Goldman Sachs Group Inc analyst warned an escalation in the Russia-Ukraine crisis could trigger “malicious cyber activity” with the possibility to inflict high economic and social costs.
Ronnie Walker, an economist at Goldman Sachs, in a wrap of research on the topic, said cyberattacks are expected to cause damage of about $1 trillion to the global economy each year.
He also mentioned that two-thirds of all the cyberattacks were attributed to Russia in recent years.
While the U.S. is less vulnerable than many other countries as it invests substantially more in cybersecurity and has stricter regulatory requirements, the nation has a higher degree of dependence on digital technology.
Research from Lloyds calculated that an extreme attack on the northeast power grid of the U.S. could cause economic damage between $250 billion and $1 trillion.