Cyberattacks Could Mean Catastrophe

The non-governmental current-affairs analysis organization released a report Thursday that said the more reliant Europe, the United States and other modern industrial societies are on the information and communications technology infrastructure, the greater damage a cyberattack could have on the global economy.

The report cites the ease of use and low cost of the Internet and IT infrastructure, which makes the growing use by terrorist organizations and transnational criminal groups more likely.

According to the report, in 2007 the United Kingdom suffered losses of approximately $772.8 million from cybercrimes.

"A new approach to cybersecurity will be required and should focus on winning and maintaining the initiative by turning cyberspace into a self-governing network," a news release said.