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Cyber-attacks, an increasingly tangible threat

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Magazine Issue: 
Loss of rationality [3]
Magazine date: 
Jul 2017

According to a study conducted by Lloyd's, the economic damage of a major cyber attack could amount to 121.4 billion USD. The premiums collected for this type of risk would represent only one-fifth of this amount.

Another example, the same study points out that a major attack on the cloud-computing platforms could cause about 53 billion USD in economic losses, as much as Hurricane Sandy which hit the United States in 2012.

The upsurge in "ransomware" attacks like WannaCry [4] or Petya should encourage companies to get covered against this type of risk.

According to some sources, the e-risk market generates currently 3.5 billion USD in premiums per year. This figure is expected to double by 2020 at 7.5 billion USD.

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Fri, 28/07/2017 - 08:56

Source URL: https://www.atlas-mag.net/en/article/cyber-attacks-an-increasingly-tangible-threat

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[3] https://www.atlas-mag.net/en/issue/loss-of-rationality
[4] http://www.atlas-mag.net/en/article/wannacry-a-ransomware-cyber-attack-of-unprecedented-scale
[5] http://www.atlas-mag.net/en/category/regions-geographiques/monde