Economic threats of cyber terrorism

As I mentioned clearly in previous posts, you have understood that the potential for mass destruction as a result of cyber terrorism is a serious concern in the modern world. Cyber terrorists have at their disposal a wide variety of tactics they can use to injure their targets. Cyber terrorists use a variety of tactics to cause fear and panic in others. Their motives are often to simply create terror, although money also motivates cyber terrorists to attack.

Cyber terrorists use many different methods ranging in complexity. Each terrorist group has a different agenda and can tailor the tool they use to fit their goals. The effects of a cyber terrorism attack could be widespread and very detrimental to life as we know it. One of the worst aspects of cyber terrorism is the amount of potential economic impact to the target in proportion to the low cost to the terrorist of initiating an attack. The financial costs to the economy include the loss of intellectual property and trade secrets, fraud, productivity losses. This is not including intangible losses such as damage to reputation and lost opportunity costs. A single virus can cause widespread injury and huge financial losses. The Love Bug Virus was estimated to have caused losses of between three and fifteen billion dollars. In comparison, hurricane Andrew, the most expensive natural disaster in history, cost around eleven billion dollars.