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Cyber-attack can be costlier than Superstorm Sandy, Lloyd's reports

Jul, 10, 2023 Hi-network.com
Lloyd's, one of the leading global insurance markets, published a report "Counting the cost: Cyber exposure decoded" which quantifies cyber-risk exposure. Cyber-attacks have the potential to trigger billions of dollars of insured losses, the report states. A cyber-attack could cost as much as Superstorm Sandy -in range between 50 and 70 billion USD. Uncertainty around aggregating cyber losses means the actual figure could be either much lower of higher than expected: the optimistic estimate is$15bn, the expected loss$53bn, and the pessimistic estimate is$121bn. At the same time, global cyber market is worth between$3 billion and$3.5 billion, Lloyd's reports.

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