Demystifying Cyber terrorism: Causes, Costs & its impact on individuals’ psyche and public confidence

Just like the game for Information Technology (IT) security was turned topsy-turvy by the arrival of mobile devices a few decades ago, the Internet of Things (IoT) today is changing it again a big time. Data breaches, loss of productivity and profitability were quite a commonplace when mobile security became an issue. Today as IoT tries to connect everything to the internet, it intensifies the problem (more privacy violations, phishing/skimming attacks, security incidents) by creating a vast attack surface for the rogue players implying that important national (ports, airports, bridges, power-pants etc.) and cyber infrastructure could now be attacked. Moreover, if the network of your company has a weak point, it can easily be compromised to set off an attack. These Cyber terrorism attacks instigate identical responses from individuals as those for conventional terrorism attacks e.g. they heighten anxiety and stress, worsen feelings of vulnerability and harden the political attitudes of people. But this dimension is often overlooked by the policy makers. However, the increase in cyber terrorism cases has increased the research interest in the domain. Researchers are focusing on improving the security of internet and IoT devices. The field is still in its infancy. A lot needs to be done to mitigate these attacks. Motivated to demystify the repercussions of the cyber terrorism, this paper analyzes the distinctive characteristics of the most significant cyberattacks, investigates the expenditures incurred by the industries as a result of these cyber events, and then examines the impact of these attacks on the psychological health of the populace and the trust in public institutions.