US embassy official: Cybercrime generated global losses worth more than 8 trillion US dollars in 2023

Global losses caused by cybercrime exceeded 8 trillion US dollars in 2023, almost double the entire economy of Japan, Peter Hansen, economic affairs officer at the US Embassy in Romania, said on Wednesday at the CyberCon Romania 2024 international conference.

"Today, it is clear that we are at the intersection of both great opportunities and vulnerabilities in the digital world. Cyber threats know no borders and target critical infrastructure such as energy, healthcare, the financial system, and a breach in one region can spread across the globe. In 2023 alone, global losses due to cybercrime exceeded 8 trillion US dollars, approximately double the entire economy of Japan, the world's fourth largest economy. However, within these challenges lies an opportunity, a chance for governments, businesses, academia and, of course, civil society, such as RAISA [Romanian Association for Information Technology and Security Assurance - editor's note] and others to form effective partnerships. In Romania, a country that has just proved its cyber expertise, this collaboration is already bearing fruit and we have conferences like this as an example, but also the fact that the country is hosting the European Cybersecurity Competence Centre and it's producing world-class innovators like Bitdefender," said Hansen.

He referred to the strategic partnership between Romania and the US, which he considers a mutual commitment to "a resilient digital future."

"While referring to the US - Romania Strategic Partnership, it really underlines our mutual commitment to digital solidarity, a principle that emphasises mutual support and cooperation to ensure a resilient digital future. Through our efforts, we are not only improving cybersecurity, but also upholding the values of transparency and freedom. This partnership is crucial, as authoritarian regimes continue to exploit digital tools to disrupt surveillance. We have seen the power of collaboration in action in the FBI's partnership with the law enforcement here in Romania to secure critical data (...). Our cooperation remains a model for combating cybercrime. No matter how rigorous your cyber 'hygiene' is, if your network is not clean, you are building your house on shifting sands. That is why the United States supports the importance of clean networks, using trusted providers and technologies that protect against exploitation by authoritarian regimes. Ensuring clean networks is not just a technical necessity, but it is also a strategic imperative. Together with Romania, we promote this vision to ensure the security, not only of systems, but of the values we hold close to us," the American official pointed out.

The Romanian Association for Information Security Assurance (ARASEC), in collaboration with the Embassy of the United States of America in Romania, is organizing a new edition of the international conference CyberCon Romania 2024, an important event in the field of cybersecurity, awarded with CyberOSPA in 2022 for excellence in promoting cybersecurity at the international level.

CyberCon Romania 2024 takes place on November 20 and 21, 2024, at the European Commission's Representation in Romania and brings together experts from the public, private and academic sectors.

Global losses caused by cybercrime exceeded 8 trillion US dollars in 2023, almost double the entire economy of Japan, Peter Hansen, economic affairs officer at the US Embassy in Romania, said on Wednesday at the CyberCon Romania 2024 international conference.

"Today, it is clear that we are at the intersection of both great opportunities and vulnerabilities in the digital world. Cyber threats know no borders and target critical infrastructure such as energy, healthcare, the financial system, and a breach in one region can spread across the globe. In 2023 alone, global losses due to cybercrime exceeded 8 trillion US dollars, approximately double the entire economy of Japan, the world's fourth largest economy. However, within these challenges lies an opportunity, a chance for governments, businesses, academia and, of course, civil society, such as RAISA [Romanian Association for Information Technology and Security Assurance - editor's note] and others to form effective partnerships. In Romania, a country that has just proved its cyber expertise, this collaboration is already bearing fruit and we have conferences like this as an example, but also the fact that the country is hosting the European Cybersecurity Competence Centre and it's producing world-class innovators like Bitdefender," said Hansen.

He referred to the strategic partnership between Romania and the US, which he considers a mutual commitment to "a resilient digital future."

"While referring to the US - Romania Strategic Partnership, it really underlines our mutual commitment to digital solidarity, a principle that emphasises mutual support and cooperation to ensure a resilient digital future. Through our efforts, we are not only improving cybersecurity, but also upholding the values of transparency and freedom. This partnership is crucial, as authoritarian regimes continue to exploit digital tools to disrupt surveillance. We have seen the power of collaboration in action in the FBI's partnership with the law enforcement here in Romania to secure critical data (...). Our cooperation remains a model for combating cybercrime. No matter how rigorous your cyber 'hygiene' is, if your network is not clean, you are building your house on shifting sands. That is why the United States supports the importance of clean networks, using trusted providers and technologies that protect against exploitation by authoritarian regimes. Ensuring clean networks is not just a technical necessity, but it is also a strategic imperative. Together with Romania, we promote this vision to ensure the security, not only of systems, but of the values we hold close to us," the American official pointed out.

The Romanian Association for Information Security Assurance (ARASEC), in collaboration with the Embassy of the United States of America in Romania, is organizing a new edition of the international conference CyberCon Romania 2024, an important event in the field of cybersecurity, awarded with CyberOSPA in 2022 for excellence in promoting cybersecurity at the international level.

CyberCon Romania 2024 takes place on November 20 and 21, 2024, at the European Commission's Representation in Romania and brings together experts from the public, private and academic sectors.

(Fluierul)