‘Extreme’ Cyber Events Could Cost As Much As Major Hurricanes: Lloyd’s, Cyence

The potential costs stemming from extreme cyber risk events could rival those of major hurricanes such as Superstorm Sandy, with economic impacts ranging from $4.6 billion up to $53 billion, according to a joint report from Lloyd’s of London and cyber risk analytics firm Cyence.

Lloyd’s and Cyence took an in-depth look at two possible cyber-event scenarios: the first, a group of environmental hacktivists disrupt cloud service providers and their customers, causing widespread business and service interruption. The second scenario envisions the accidental loss of a physical copy of a report on a vulnerability in a widely-used operating system. This human error results in the spread of the information on the dark web and “an undetermined number of unidentified criminal parties” exploiting the zero-day vulnerability.

Read more at https://www.advisenltd.com/2017/07/20/extreme-cyber-events-cost-much-major-hurricanes-lloyds-cyence/

Erin Ayers, ‘Extreme’ cyber events could cost as much as major hurricanes: Lloyd’s, Cyence (July 20, 2017), available with subscription at Advisen Cyber Front Page News.