The global IT outage that occurred on 19th July 2024 caused widespread disruption including airlines, banks, hospitals, and government businesses worldwide. The outage was caused by a faulty update released by cybersecurity firm CrowdStrike for its software used on Microsoft Windows machines. The faulty update caused crashes, leading to the blue screen of death on many Windows systems. The global IT outage has shown how important information technology systems are and what would happen if one system were not functioning correctly. We wonder what would happen if a global cyberattack would occur, what would happen?

A global cyberattack could have a devastating impact, rippling through individuals, businesses, and entire countries. Here's a breakdown of the potential consequences:

Economic Disruption:

Financial Systems: Banks, stock exchanges, and other financial institutions could be crippled, halting transactions and causing economic instability.

Business Shutdowns

Businesses of all sizes rely on technology for daily operations. A widespread attack could force closures, leading to lost revenue and productivity.

Supply Chains

Cyberattacks can disrupt the intricate dance of global supply chains, causing shortages and price hikes.

Infrastructural Breakdown

Power Grids

Malicious actors could manipulate power grids, leading to widespread blackouts and chaos.

Transportation

Air travel, railways, and other transportation systems could be grounded due to compromised control systems. 

Essential Services

Access to clean water, healthcare, and emergency services could be hampered by IT outages.

Societal Panic and Erosion of Trust

Loss of Data

Personal and confidential information could be stolen or leaked, causing identity theft and financial losses.

Misinformation

Hackers could manipulate online information, fuelling social unrest and panic.

Loss of Trust

A major attack could erode public trust in institutions and technology, hindering recovery efforts.

Preventing a global cyberattack is difficult, but several measures can significantly reduce the risk and lessen its impact:

Building Resilience 

Stronger Cybersecurity Practices

Organizations across all sectors must implement robust cybersecurity measures like firewalls, data encryption, and regular system updates.

Cybersecurity Awareness Training

Regular employee training on identifying phishing attempts, password hygiene, and other security measures can significantly reduce human error, a major entry point for attacks.

International Collaboration

Information sharing and collaboration between governments and private companies can help identify threats sooner and develop coordinated responses.

Deterring Attacks

International Norms

Establishing international agreements on responsible state behaviour in cyberspace can deter nation-state attacks.

Law Enforcement Cooperation

Global cooperation among law enforcement agencies can help track down cybercriminals and disrupt their operations.

Mitigating Damage

Backup and Recovery Plans

Having robust backup systems and tested recovery plans allows critical infrastructure and businesses to bounce back from attacks faster 

Vulnerability Management

Continuously identifying and patching vulnerabilities in software and systems is crucial to stay ahead of attackers.

By focusing on these areas, we can significantly improve our chances of preventing a global cyberattack or at least minimising the damage it causes.