Cultural globalization is the spread of once culture across national borders. Political globalization means that the national policies of one country could be connected to those of other countries. .
Some of the aspects of globalization are imports and exports, investments, migration of people, and spreading of knowledge. Globalization has a profound effect on everyone. It provides benefit to economies by making the markets more competitive, increasing innovation, and providing consumers with low-cost but good quality goods.
This paper analyzes the impact of cyber-attacks on global economies. Techopedia defines a cyber-attack as "It is deliberate exploitation of computer systems, technology-dependent enterprises and networks. Cyberattacks use malicious code to alter computer code, logic or data, resulting in disruptive consequences that can compromise data and lead to cybercrimes, such as information and identity theft". Cyber means virtual. It reflects the realm of Information Technology which in turn encompasses the internet, networks, computers, web etc. Most developed, developing, and under-developed countries whether it be the corporations, governments or the local population are dependent on these cyber systems. These cyber systems are vulnerable. They can be hacked; which means they can be broken into. Both sensitive and personal information can be retrieved, websites could be marred, services can be disrupted, instant messaging systems can be abused. All these can lead to tangible or intangible losses to the end users. .
Information systems are of paramount importance to all partakers of the global economies. Finance, supply-chain, retail, wholesale, and myriad other industries would be affected if computer systems went down. Utilities and other public services which include hospitals, defense, and transportation would be equally affected too. This could cause billions of dollars in losses.
