Global cyber attack could spur $53 billion in losses: Lloyd's of London

Posted in: Legal & Security at 17/07/2017 20:42

A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as U.S. Superstorm Sandy in 2012, Lloyd's of London said in a report on Monday.

The report, co-written with risk-modeling firm Cyence, examined potential economic losses from the hypothetical hacking of a cloud service provider and cyber attacks on computer operating systems run by businesses worldwide.

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Lloyd's says cyber-attack could cost $120bn, same as Hurricane Katrina
Lloyd’s of London has warned that a serious cyber-attack could cost the global economy more than $120bn (£92bn) – as much as catastrophic natural disasters such as Hurricanes Katrina and Sandy.

Published two months after a ransomware cyber-attack that hobbled NHS hospitals and hit nearly 100 countries, a 56-page report from the world’s oldest insurance market says the threat posed by such global attacks has spiralled and poses a huge risk to business and governments over the next decade.

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