This paper focuses on cyber-attacks and its impact on the global economy. It depicts that cyber-crime is a global issue because businesses that function in an online world often are the victims and have to deal with it in some way. Statistics have shown that the price paid by the businesses in terms of economic costs and losses is very high in magnitude and ever increasing. Cyber-attacks not only have a significant impact on the high-tech industry, but also affect local businesses, governments, and other small scale or large scale industries. Cyber-attacks can potentially result in losses amounting to over billions of dollars. These losses can be loss of intellectual property, loss of sensitive data and information, interruption of services, the cost of implementing cyber security. In some cases, the impact of cyber-attacks is difficult to estimate because many companies are not even aware of the information that has been stolen, while some companies withhold that information and do not make it public. The high-tech industry along with the Governments of all the developed and developing nations need to collectively stand together and find a solution for this problem with the intent of completely eliminating it. .
1. Introduction.
There is an ongoing debate regarding the evolution of globalization. Globalization provides an effective way to remove obstacles to trade, communication, and cultural and economic exchange. It is the propensity of investment resources and businesses to move outside of the local and national markets to other markets worldwide, thus expanding the connectivity of different markets. Globalization helps to increase trade between countries and also augments the cultural exchange. Globalization is mainly of three types: Economic, Cultural, and Political. National economies of different countries have a strong influence on each other. A developed rich country could potentially invest in a developing or an under-developed country.
