European Commission forecasts 193 Billion Euro cost of cyber attacks on networks

I note that the as cyber attacks on networks become more sophisticated the EC has forecast a 10% – 20% probability that telecoms networks will suffer a major breakdown within the next 10 years.  They have also estimated a potential global cost of 193 billion Euros as a consequence of such a breakdown.

To mitigate against such a scenario the EC is establishing a Public-Private Partnership for Resilience which “will help businesses share information with public authorities to ensure that adequate and consistent levels of preventive detection, emergency and recovery measures are in place in all Member states”.

I’m all in favour of this kind of thing though somewhat sceptical about its likely efficacy.  Industry is more likely in my mind to sort out its own shop through the likes of the IETF and LINX et al.

That said I do think that Government is goingto have to become far more deeply involved than it is in the internet space.  We are seeing it starting to happen and the Digital Britain Report (final report due out in early May which is light speed as far as Government is concerned) is part of this. 

It is easy to see that the potential cost of telecom network disruption could be huge.  I don’t know what the likely cost of last week’s BT fibre break in London is going to be but  just the costs of managing customer complaints would have been significant let alone the costs of the disruption to traffic. 

I missed out on a few news items to comment on last week due to being on holiday.  It’s good to be back though 🙂 .

Published by Trefor Davies

Liver of life, father of four, CTO of trefor.net, writer, poet, philosopherontap.com

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