What’s the End Game for Cybercrimes and Ransomware Attacks?

Article by Dr. Joseph Mercola. Story at a Glance:

Over the past few years, a number of organizations have warned that the world is facing growing danger from hackers and cyber criminals, and could be facing a cyberattack large enough to take down our society as a whole

In June 2020, the World Economic Forum (WEF) warned that the world must prepare for an “inevitable global cyberattack,” a “COVID-like global cyber pandemic that will spread faster and further than a biological virus, with an equal or greater economic impact”

In December 2021, a 10-nation exercise simulated a scenario in which a cyber attack brought down the financial system worldwide. Responses and solutions included emergency liquidity assistance to banks, a globally coordinated bank holiday ( ), debt repayment grace periods, and a “coordinated delinking from major currencies,” meaning bank balances in USD, GBP and EUR were eliminated and replaced with a central bank digital currency (CBDC). In case of a real cyberattack on the financial system, we can therefore expect this to happen

At the end of 2020, hackers accessed the Solar Winds supply chain by delivering a backdoor malware through an infected Solar Wind Orion software update. The malware infected the networks, systems and data of more than 30,000 public and private organizations, including local, state and federal agencies. It’s thought to be the large stand most devastating cyber breach to date

The end game of all these organized cyber threats is to eliminate anonymity on the web under the auspices of “preventing cyber crime,” and to impose extreme centralization of the internet for the purpose of information control


Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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