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Lloyd’s of London: A massive cyber attack could cause an average of $53 billion of economic losses

A major global cyber attack has the potential to trigger $53 billion of economic losses, the equivalent to a natural disaster like 2012’s Superstorm Sandy.

Author: Pierluigi Paganini

Source: Security Affairs

Cybercrime

Illustration by Limawi©

A major global cyber attack has the potential to trigger $53 billion of economic losses, the equivalent to a natural disaster like 2012’s Superstorm Sandy.

Events like the massive Wannacry attack or the Ukraine power outage raise the discussion about the possible economic losses caused by a cyber attack.

According to a new report published by the Lloyd’s of London (“Counting the cost: Cyber exposure decoded”), a massive cyber attack on a global scale could cause 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.

“A major global cyber-attack has the potential to trigger $53 billion of economic losses, roughly the equivalent to a catastrophic natural disaster like 2012’s Superstorm Sandy, according to a scenario described in new research by Lloyd’s, the world’s specialist insurance market, and Cyence, a leading cyber risk analytics modelling firm.” states a blog post published by Lloyd’s of London.