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Cyber attack on payment systems could cost $3.5 trillion loss to the world

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In a recent analysis conducted by Lloyds of London and the Cambridge Centre for Risk Studies, it has been estimated that a global payment system outage resulting from a cyberattack could lead to staggering losses of up to $3.5 trillion. The United States is projected to bear the brunt of this financial blow, with an estimated loss of $1 trillion over a five-year period. China and Japan are also anticipated to face significant losses amounting to $450 billion and $260 billion respectively.

To effectively mitigate these risks, proactive network protection and international cooperation are crucial. Sharing critical information on cyberattacks and threats through a unified platform can help in identifying and countering potential risks. It is also important to closely monitor nations that pose a significant threat to online service providers and national infrastructure.

Recognizing the severity of the situation, the Cybersecurity and Infrastructure Security Agency (CISA) of the United States has taken a significant step by unveiling a joint guide for securing software. This collaborative effort involving 17 U.S. and international partners aims to enhance cybersecurity measures. Jen Easterly, the Chief of Cybersecurity in the United States, has urged companies to address vulnerabilities in their technology to prevent cyber-criminals from exploiting them.

Ensuring the safety and security of technology is crucial for both individuals and businesses. This can be achieved by minimizing vulnerabilities and ensuring timely fixes. By prioritizing safety and security, we can create a technology landscape that leaves no room for exploitation by cyber-criminals and adversaries.

Key points:
1. A global payment system outage due to a cyberattack could result in losses of up to $3.5 trillion.
2. The United States, China, and Japan are anticipated to face significant financial losses in the event of a severe system breach.
3. Proactive network protection and international cooperation are essential in mitigating these risks.
4. The Cybersecurity and Infrastructure Security Agency (CISA) has released a joint guide for securing software to enhance cybersecurity measures.
5. Companies need to address vulnerabilities in their technology to prevent cyber-criminals from exploiting them.

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