Cybercrime incidents, this year, could let a loss of over $1 tril to global GDP, up from $600 bn in 2018, according to McAfee. 92% of the firms surveyed lamented that the damage was not just financial. The system downtime, because of the cybersecurity incidents, cost them between $1- $5 mn to rectify, said 32%. 26% feel that the brand value had taken a hit due to cyberattack-induced downtime. Unfortunately, 56%, those survey, did not possess a plan for cyber threat prevention.
5G-enabled industries have the potential to deliver $8trn in value to the global economy by 2030, according to new Nokia’s 5G Business Readiness Report. Companies at an advanced level of 5G adoption were the only group to experience a net increase in productivity (+10%) following COVID-19. 72% of large companies will invest in 5G over the next 5 years. However, only 15% are currently in investing in its implementation and 29% do not plan to invest at all.
Australian Prime Minister Scott Morrison will reportedly announce the govt’s plan to spend $1.19B to bolster the cyber defence of private firms, households over the next 10 years. Cyberattacks cost about 1.5% of the Australian GDP. This move comes after Australia witnessed a series of a cyberattack; 2019 attack on Australian parliament, being the most intense one. The country will work on disrupting would-be attackers, fortify critical infra, boost police efforts.
A latest study by Google, Nasscom and ICRIER said that a unit increase in AI intensity by organisations in India can help improve the country’s GDP by 2.5 % with immediate effect. AI intensity is measured as the ratio of AI to total sales of the firm or investments in software, databases and computer machinery as a proxy for AI. The study, however, pointed out that at the present investments in AI is unlikely to increase AI intensity adequately.