A single cyber attack could cost the global economy as much as the most devastating natural disasters, Lloyds of London has warned.
In a new report researchers model the economic and actual losses of a hypothetical and far-reaching attack launched via the cloud.
They say the strike would cost an average of $53bn in economic losses – equivalent to Hurricane Sandy – and $120bn in actual losses – on a par with Hurricane Katrina.
“This report gives a real sense of the scale of damage a cyber-attack could cause the global economy,” said Lloyd’s CEO Inga Beale.
“Just like some of the worst natural catastrophes, cyber events can cause a severe impact on businesses and economies, trigger multiple claims and dramatically increase insurers’ claims costs.”
Cyber attacks have risen up the C-suite’s list of priorities in recent months, with strikes on hospitals, utility firms and universities making headlines.