Cyber hack could cost $120bn, says Lloyds.
- Author:Ella Cai
- Release on:2017-07-17
Lloyds, which has a 20-25% share of the cyber insurance market, says that a major cyber attack could cause over $120 billion of potential losses and that many organisations are under-insured.
The WannaCry ransomware attack in May cost $8 billion across 100 countries, says Lloyds.
The NotPetya virus which attacked ports, law firms and factories cost $850 million.
Average cyber attack losses are in the $4.6 billion to $53 billion region and actual losses could be as high as $121 billion, the report said.
Operating system hacking can incur losses between $9.7 billion and $28.7 billion, says the Lloyds report.
In a report co-authored with risk-modeller Cyence, Lloyds finds that:
The WannaCry ransomware attack in May cost $8 billion across 100 countries, says Lloyds.
The NotPetya virus which attacked ports, law firms and factories cost $850 million.
Average cyber attack losses are in the $4.6 billion to $53 billion region and actual losses could be as high as $121 billion, the report said.
Operating system hacking can incur losses between $9.7 billion and $28.7 billion, says the Lloyds report.
