Cyber attacks cost the world $45 bn in 2018; ransomware hit govts hard

An estimated two million cyber attacks in 2018 resulted in more than $45 billion in losses worldwide as local governments struggled to cope with ransomware and other malicious incidents, a study showed on Tuesday.

The Internet Society’s Online Trust Alliance, compiling data from the United States and some international sources, said other important losses came from fraudulently taking over business email credentials as well as “cryptojacking” or hijacking a computer or network to generate bitcoin or other virtual currency.

The report suggested cyber criminals are getting more sophisticated in targeting their victims, but also noted that many attacks could have been prevented with improved computer security.