By Editor
Lloyd’s of London has reported that a
serious cyberattack could cost the global economy as much as a devastating
natural disaster.
According to the Guardian, average losses from a crippling cyberattack are
estimated to be around $53 billion.
However, insurers are unable to give a specific
estimate, due to the complexity of cyberattacks and the lack of
historical data available. A worst case scenario could see the figure reaching
up to $121 billion.
The report looked at the potential damage that could be
triggered by an attack on a cloud service provider, which is believed to be the
most likely target for an attack.
The paper judged the second-most likely threat to
be to worldwide computer operating systems.
Lloyd’s published the report two months after WannaCryptor went global, at an estimated global cost of $8 billion.
The industry found to be most at risk is the
financial sector, followed by software and technology
and then hospitality.
Inga Beale, chief executive of Lloyd’s, said:
“Because cyber is virtual, it is such a difficult task to understand how it
will accumulate in a big event.”
She added: “Cyber events can cause a severe impact
on businesses and economies, trigger multiple claims and dramatically increase
insurers’ claims costs.”
Cybersecurity experts at ESET have recently identified Industroyer as a major threat, especially
to Industrial Control Systems.
It is hoped that analysis of such threats will
serve as a wakeup call for
all those responsible for the security of critical infrastructure (systems)
worldwide.
Such repeated warnings should not be falling on
deaf ears.
Many governments and businesses run a huge
financial risk by not being insured; but more crucially, risk falling victim to
an attack by failing to ensure that employees and consumers heed expert advice.