The Impact of CyberTerrorism on the U.S Economy
In the US today, it is disturbing to think how computers are targeted to be used as weapons by politically motivated international and national groups. This is done with an intention to cause violence or instill fear to the government and its people. It has involved activities such as shutting down of critical infrastructures nationally and internationally. This may include the government operations, transportation, and communication among others. Consequently, the government and the civilian populations are coerced or intimidated. This has often led to making adjustments on some government policies. Cyberterrorism is a subject situated in an equally new research field and therefore there are limited publications on the same. However, positioned in a deeper context, this research will work to answer three key questions that will assist to understand the impact that cyberterrorism is posing to the US economy. These are: How has cyber terrorism affected both domestic and international business partners’ relationship? How does cyber terrorism lead to loss of sales whenever there is a disruption? To what extent has loss of critical communication in time of emergency affected the American’s economy?
Hua et al (2013) observes that as computers and internet consumption become an essential element of our daily lives, a tremendous economic growth is observed. However, disrupting even for slightest moment leaves an incredible economic loss to business people, the government, and the society at large. In business, cyberterrorism lead to loss of business sensitive and confidential information, which will easily lead to reduced trust by the partners and customers as well. The business has to incur additional cost to secure its networks, and get insurance covers. Additionally they incur heavy costs in recovering from cyber attacks.
Apparently, looking at the estimated eCommerce number for both government and private businesses, incase of internet going down for just a day can disrupt billions worth of transactions. Information is unquestionably the lifeblood of commerce (Pauline et al 2012). The significance of information the ease to access it, convey it and eventually act upon it determines the profitability of every business. The internet has nowadays given unfathomable ease in communication that even the smallest businesses cannot operate without internet connetivity. It is hard to imagine the financial impact a slight disruption of this computer networks will cause in both outstanding and small businesses. The impact is felt adversely at individual, societal, and national level.
As computers and the internet remain to be the heart of every institution operations in the US today, financial institutions are not left behind and are neither spared by cyberterrorists. The U. S relies greatly on the banking industry to uphold its economy. The terrorist may want to attack this financial institutions with the intention to access vital information where sensitive data will be disclosed, to steal funds, which lead to consumer confidence lost, create distractions that will be costly to restore hence leading to critical operations being halted and finally, to shake customers confidence on the banks services and cause panic. In addition, of great importance is postal and shipping. These businesses depend a great deal on mail system, as well as the shipment of goods. The two are keys elements in sustaining economic thrive in the US. Cyber attacks affecting these two industries lead to immeasurable damage.
In conclusion, it is only through understanding the exact implications that cyberterrorisim has on the United States economy, that we get determined and energized to gear a lot of effort to fight it. As development remains the dream of every individual, society and the nation at large, efforts to achieve it are compromised as the cyberterrorism lay heavily on businesses leading to tremendous losses, which is as a result of tarnished communications and business partners’ relationships.
Reference:
Hua J., Bapna S. Archive (2013) The Economic Impact Of Cyber Terrorism The Journal Of Strategic Information Systems. Volume 22 Issue 2, June,. Butterworth-Heinemann Newton Publishers. New York. doi>10.1016/j.jsis.2012.10.004
Pauline C. Reich, Eduardo Gelbstein (2012) Law, Policy, and Technology: Cyberterrorism, Information Warfare, and Internet Immobilization: IGI Global Snippet Publisher. New York
