Global cyber attack could spur US$53bil in losses

Beale: ‘Because cyber is virtual, it is such a difficult task to understand how it will accumulate in a big event.’— Bloomberg

LONDON: A major, global cyber attack could trigger an average of US$53bil of economic losses, a figure on par with a catastrophic natural disaster such as US Superstorm Sandy in 2012, Lloyd’s of London said in a report.

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.