According to TechSpot , the world's dependence on the internet is undeniable. Just one minute of internet outage can cost national economies millions of dollars, while large companies suffer losses of hundreds of thousands of dollars.
PC Mag recently used NetBlocks' 'Cost of Shutdown' tool to estimate how network outages would impact the global economy, including countries and major technology companies.
The world's major countries
Specifically, data estimates that a one-minute complete loss of network connectivity would cost the global economy more than $20 million. The United States would suffer the most significant losses, at $7.6 million, followed by other major countries such as China ($6.8 million), the United Kingdom ($2.2 million), Japan ($1.8 million), and Germany ($1 million).
List of countries most affected by a one-minute internet outage.
And if the outage lasts for just one day, those figures could reach hundreds of millions or even billions of dollars. In a situation where the internet is down for a year, the losses would amount to trillions of dollars, with the US alone accounting for $4 trillion.
The 'giants' in the technology industry
Looking at tech companies, many might think the name most affected by the outage would be Alphabet, Google's parent company. But no, it ranks only second on the list with a loss of $538,120 per minute, far behind Amazon. With shopping services, AWS, and streaming inaccessible, Amazon would lose nearly $1 million per minute. Without internet for a year, the company would suffer losses of nearly $514 billion.
Following closely behind are familiar names like Meta, ByteDance, Netflix, and Paypal... These companies will suffer losses ranging from tens of thousands to hundreds of thousands of USD for every minute of internet outage.
Amazon leads in losses per minute of internet outage.
The figures cited by PC Mag as examples used the companies' revenue in 2022. This was before OpenAI officially launched ChatGPT, so the AI company might have been in the 'top tier' if more recent revenue figures had been used.
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