(Mt) – AU The Economic Impacts of Cyber Attacks and IT Networks

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View attached explanation and answer. Let me know if you have any questions.1Economic Impacts of Cyber AttacksStudent NameInstitutionCourse Name & NumberInstructorDue Date2Economic Impacts of Cyber AttacksThe increased integration and implementation of IT networks and systems in business,commercial, and private entities contribute to both opportunities and dangers. As moreorganizations incorporate and integrate cloud-based technological systems into theirinfrastructure to improve their online processes, there are heightened issues of cyber-securitybreaches (Hasham et al., 2019). There is a significant amount of damage it causes. In the currentworld, to a certain extent, most companies are reliant on information technology. Because of thissecurity threat, these organizations need to make security a top priority because the impacts ofcyber-attacks directly injure the internal and external networks. According to Rid & Buchanan(2015), malicious cyber activities can be broken down into several categories that includecybercrime, loss of confidential information and intellectual property, opportunity costs, loss ofsensitive business information, and reputation damage. The most used cyber-attack techniquesinclude DDoS (distributed denial of service attacks), phishing, social engineering, informationloss or data breach, malware, social sites, and insider attacks (Rid & Buchanan, 2015). There areseveral impacts of cyber-attacks such as IP loss, reputational, damage of sensitive businessinformation, loss of equipment, and loss of trust. In addition, there are significant economiclosses that a company experiences. Therefore, this paper will examine the economic impacts ofcyber-attacks.Keywords: DDoS, cyber, cyber-attacks, virtual, information securityDefinition of termsCyber- described as the features of the culture of IT (information technology), computers, andvirtual reality.3Cyber-attack/espionage/crime- Assault initiated by cybercriminals where they use computersagainst other computers or networks.DDoS (Distributed Denial of Services) – These are attacks that ensure that legitimate userscannot access their resources. Zombie machines are created where the attackers control them.Information security- It is where computer systems are safeguarded and the confidentiality,integrity, and availability of data they have. It is acknowledged as a vital national policy issue.Economic Impacts of Cyber-attacksAccording to Lewis (2018), malicious activities on the internet are much broader as itinvolves several other human criminal activities that are conducted in cyberspace. It has beenchallenging to measure the costs incurred from the malicious activities because most cases gounreported. Generally, to estimate the economic impacts of cyber-attacks, the elements of thesecrimes are been identified as; financial crimes and online fraud, loss of confidential information,loss of intellectual property, opportunity costs where there is d…

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