The relationship between cybersecurity and the economy has only been growing stronger, with cyber attacks on the rise. Cyber attacks have brought a new recognition of the importance of cybersecurity efforts. Attacks have now become widespread, common, and expected in some firms. New attacks are emerging within weeks due to an underground economy that has seen specialists create built-to-sell malware to a waiting list of cyber criminals. The impacts of cyber attacks have been felt and there are reports that these attacks are only going to get worse. The current and forecasted impacts are a devastation to the global economy. Here, we will introduce cybersecurity and link it to cyber attacks and the global economy. In this chapter, we will cover the following topics:
- What is cybersecurity?
- The scope of cybersecurity
- Terminology related to the cybersecurity world
- General description of hacking groups, cyber criminals, and cyber espionage
- Importance of cybersecurity and its impacts on the global economy
- Financial repercussion of reputational damage caused by cyber attacks
- Digital economy and related threats
