Global cyber attack could spur $53 billion in losses

A major, global cyber attack could trigger 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.

The report, co-written with risk-modeling firm Cyence, examined potential economic losses from the hypothetical hacking of a cloud service provider and cyber attacks on computer operating systems run by businesses worldwide.

Average losses for a scenario involving a hacking of operating systems ranged from $9.7 billion to $28.7 billion.

Lloyd's has a 20 percent to 25 percent share of the $2.5 billion cyber insurance market, Beale said in June.

Read more at Reuters

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