First strike: state sponsored cyber-attacks and the impact on the economy

First strike: state sponsored cyber-attacks and the impact on the economy

“The malicious use of Information and Communication Technologies (ICT) could disrupt financial services crucial to both national and international financial systems, undermine security and confidence and endanger financial stability”[1].

Different actors – including states, criminal groups and hacktivists – instigate cyber incidents, moved by different motives. The fallout from these incidents is felt at the national, European and even international level. Additionally, cyber-attacks can target and cripple state critical infrastructures (e.g. water distribution operators, electricity networks, hospitals) but also private companies (e.g. banks, financial institutions, stock exchange, cloud providers, telecoms operators, …) and thus have a direct impact on the economy and the financial stability.

The risk of cyber-attacks is only likely to grow as both the private and the public sectors increasingly rely on digital infrastructure and technology, systems become more interconnected and processes become more automated, threat actors become more capable and adaptive. This increasing connectivity that has been seen over recent decades has led to an increase in complexity of networks and system interfaces, which in turn has dramatically increased the challenge of network defence. Furthermore, the infrastructure of information and communications technology of numerous private and/or public entities has not been designed with security as a priority.

Thus these kinds of attacks raise important questions about the sufficiency of existing plans and capabilities for defending among others elements of the private sector that have been designated as critical infrastructure. Weaknesses in cybersecurity governance abound in the public and private sectors across the EU as well as at the international level. This impairs the global community’s ability to respond to and limit cyberattacks.

Consequently, raising skills and awareness on the subject across all sectors and levels of society is essential. Open Field S.A. and the internationally renowned speakers who will participate in the Conference will attempt to examine all the above by presenting and debating on the current and future challenges posed by cyber-attacks and their direct and indirect impact on the economy and its financial stability.

About OpenField S.A.

 Open Field S.A. is an independent management consulting firm specialized in digital transformation, security, project management and outsourcing. Open Field assists and facilitates organisations in their strategic and technological thinking by proposing tailor-made innovative and performing solution. Based in Leudelange, Open Field S.A. was established in 2005.

[1] Communiqué, G20 Finance Ministers and Central Bank Governors Meeting, Baden-Baden, Germany, 17-18   March 2017