‘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.

WannaCry Provides Latest Glimpse at Nightmare Cyber Aggregation Potential

CHICAGO—The WannaCry ransomware attack will likely be a manageable loss event for the insurance industry, but the event offers a new perspective on potential aggregation.

Though the worm known as WannaCry spread rapidly to about 150 countries starting May 12, the number of network computers infected and held for ransom is actually a small percentage of all possible global endpoints, according to Pascal Millaire, vice president and general manager at Symantec.

Millaire gave an impromptu presentation on WannaCry during lunch at Advisen’s Cyber Risk Insights Conference here.

“This may not be as bad as one might have thought,” he said. “This is a relatively good-news story.”

Read more at http://www.advisenltd.com/2017/05/18/wannacry-provides-latest-glimpse-nightmare-cyber-aggregation-potential/

Chad Hemenway, WannaCry provides latest glimpse at nightmare cyber aggregation potential (May 18, 2017), available with subscription at Advisen Cyber Front Page News.