Global economy heavily burdened by cyberattacks

A systemic risk scenario published by Lloyd's of London suggests that cyberattacks could cost the global economy up to 3.5 trillion USD over five years.

The USA, China and Japan would suffer the greatest economic losses, estimated at 1.1 trillion USD, 470 billion USD and 200 billion USD respectively.

Cyber risks continue to pose a threat to businesses and governments alike, with maintenance and prevention costs steadily on the rise year after year.

Still according to the British group, cyber insurance is a fast-growing market, with a turnover of over 9 billion USD in 2022. The premium volume is expected to reach 13 to 25 billion USD by 2025.

Lloyd's of London is calling on governments, prevention experts and the market to share their knowledge in order to strengthen corporate resilience in the face of a major attack.