Tomorrow's Internet is a scary, scary place, according to think-tank The Atlantic Council, so much so that we're all apparently on the brink of “a cyber sub-prime meltdown”.
The council has published a report co-prepared with Zurich Insurance which among other things recommends that ISPs should have redundancy in their peering connections, and countries should create redundant telecommunications and power suppliers (we're not making this up: you can read the announcement for yourself,here).
The full report says cyber risks are assessed “one at a time” rather than with reference to the whole system, which is says is “painfully similar to how financial risks were assessed prior to the 2008 crash”.
“Just imagine if a major cloud service provider had a ‘Lehman moment,’ with everyone’s data there on Friday, and gone on Monday. If that failure cascaded to a major logistics provider or company running critical infrastructure, it could magnify a catastrophic ripple running throughout the real economy”, the report states.