Global cyber-attack could be as costly as Hurricane Sandy
Global cyber-attack could be as costly as Hurricane Sandy
Lloyd's warned that most losses from cyberattacks were not insured
17 Julio, 2017, 16:20
It is estimated that a major hack of cloud service providers and global business systems would significantly dwarf the extensive damage caused by the WannaCry attack, which resulted in a cost of roughly £6 billion globally.
A new study from insurance firm Lloyds put the price-tag of an extreme cyber-attack at up to United States dollars 53 billion worldwide.
"This report gives a real sense of the scale of damage a cyber-attack could cause the global economy".
Just like some of the worst natural catastrophes, cyber events can cause a severe impact on businesses and economies, triggering multiple claims and dramatically increasing insurers' claims costs, said Beale. And, in the most extreme cases, losses could rise to as much as $121bn. "Global risks can only be effectively dealt with if there is a common understanding of their importance and interconnected nature, and a readiness to engage in multi-stakeholder dialogue and action".
A major worldwide cyber-attack could mean economic losses of $53 billion (£40bn) on average and up to $121bn, comparable with natural disasters such as Hurricanes Katrina or Sandy, according to Lloyds of London. "Because of the difficulty to precisely quantify the loss it, this figure could reach $ 121 billion or be limited to $ 15 billion", however, indicated the Lloyd's and the Cyence business. Unlike traditional property insurance where aggregation is monitored by physical locations, cyber insurance aggregation can span connected systems that extend beyond physical geographies.
Average economic losses caused by such a disruption could range from $4.6 billion to $53 billion for large to extreme events.
In the mass software vulnerability scenario, the average losses range from $9.7 billion for a large event to $28.7 billion for an extreme event.
Average losses for a test that involved the hacking of operating systems were between £7.4 billion and £21 billion, according to the underwriter's report.
For the uninsured gap, losses could be as much as $45bn for the cloud services scenario - meaning less than a fifth (17 per cent) of the economic losses are actually covered by insurance.
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"Because cyber is virtual, it is such a hard task to understand how it will accumulate in a big event", Lloyd's of London chief executive Inga Beale told Reuters. "Insurers could benefit from thinking about cyber cover in these terms and make explicit allowance for aggregating cyber-related catastrophes".
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