Large figures like $53bn can sometimes be difficult to rationalise by businesses. However, the point that should be taken away from this study is that digital is a critical component of all businesses today. You’d be hard pushed to find any business that doesn’t have a reliance on digital in one form or another, in particular the cloud. Businesses should evaluate what would happen if their cloud services were compromised, breached, or unavailable. It’s imperative that businesses invest in threat detection and response capabilities that can not only alert on issues as they arise, but enable business resiliency to minimise customer impact.
A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as US Superstorm Sandy in 2012, Lloyd’s of London said in a report on Monday. The report, co-written with risk-modeling firm Cyence, examined potential economic losses from the hypothetical hacking of a cloud service provider and cyber attacks on computer operating systems run by businesses worldwide. Insurers are struggling to estimate their potential exposure to cyber-related losses amid mounting cyber risks and interest in cyber insurance.