A Global Cyber Attack Could Cause up to $193 Billion Worth of Damage: New Report Projects

By Reuters

A coordinated global cyber attack, spread through malicious email, could cause economic damages anywhere between $85 billion and $193 billion, a hypothetical scenario developed as a stress test for risk management showed.

Total claims paid by the insurance sector in this scenario is estimated to be between $10 billion and $27 billion, based on policy limits ranging from $500,000 to $200 million.

The stark difference between insured and economic loss estimates highlights the extent of under-insurance, in case of such an attack, the stress test showed. An attack could affect several sectors globally, with the largest losses in retail, healthcare, manufacturing and banking fields.

Read more here.

29 Jan 2019

Tagged in: cybersecurity, Global, risk, risk management

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