The recent closure of the natural gas distribution infrastructure of the colonial pipeline following the ransomware attack raises a question: what economic damage could a cyber attack cause that make Internet access impossible for an hour or a full day?
Merchant Machine, a payment information service, attempted to assess the economic damage caused by this loss. The global economy will suffer a total loss of 1.7 billion euros per hour, reaching a loss of 41 billion euros after 24 hours. The three countries most affected by this incident will be the United States, China and the United Kingdom. The larger the country’s economy, the greater the loss.
The US economy will lose $ 249.8 million per hour or 5.9 billion euros after 24 hours. China will incur a loss of approximately 244 million euros per hour or 4.7 billion euros after 24 hours. The UK will lose 59 million euros per hour, or 1.4 billion euros after 24 hours. France will incur a loss of 20.7 million euros per hour and 498 million euros after 24 hours.
Similarly big companies will be affected the most. Amazon will incur a total loss of 35 million euros per hour. Instagram, which uses advertising, will suffer even more at the rate of 43 million euros per hour.
The calculation was done using only NetBlocks information and dividing the annual revenue of the companies by the number of hours in a year. Such general studies do not take into account practical aspects, such as the possibility of conducting business transactions within the next hour, day, or week when Internet connectivity is restored. Is it really a loss of income or just a delay?
However, the report highlights an increasing reliance on digital business transactions. Nevertheless, the importance of the Internet is undisputed, but there are also private networks that do not depend on the Internet to conduct business transactions.
A more detailed analysis of each country’s dependence on the Internet can be found here.