Cyberattacks on the powergrid supporting the UK capital, London, could cost up to €123 million a day.
That’s according to the University of Oxford’s Infrastructure Transitions Research Consortium (ITRC) and the Centre for Risk Studies at the Cambridge Judge Business School.
The recent report from the two research organisations notes that “cascading failures” across telecoms, water supply, waste-water and rail infrastructure, would be created should a power disruption caused by a cyberattack on substation infrastructure.
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Significant economic impacts would result, including damage to investment levels and GDP, borne from disruptions to labour, consumption, and business confidence.
The report further suggests that more and more electricity networks worldwide are becoming susceptible, and even a small attack on London would disrupt as many as 1.5 million people, and a mere four-substation attack would cost in the region of €23 million, and up to €123 million if approximately 14 substations were affected.
Mr Oughton said: “Critical national infrastructure such as smart electricity networks are susceptible to malicious cyberattacks which could cause substantial power outages and cascading failure affecting multiple business, health and education organisations as well domestic supply,
“Cyberattacks are on the increase and gathering data and modelling the effects of such cyber-physical attacks is essential to develop risk analytics for emerging threats on Critical National Infrastructure.”