Cybersecurity
Global Cyber Attack Could Cost $121.4 Billion, Lloyd's Estimates
- Economic damage could be as costly as Hurricane Katrina
- Large cloud service failure seen as most expensive scenario
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A global cyber attack could result in damages of as much as $121.4 billion in an extreme event, comparable to economic losses caused by Hurricane Katrina in 2005, Lloyd’s of London said in a report.
Average losses from a scenario where an attack would cause a widely-used cloud-service provider to fail would be $53 billion, depending on organizations involved and the length of the data storage disruption, Lloyd’s said in the report. Insurers could face total claims in that scenario ranging from $620 million to $8.1 billion, according to the report.