How large would the financial losses get in case of a global cyber attack?

A global cyber-attack could be as expensive as a major natural disaster, a new report has claimed. Analysis by Lloyd’s of London compared the effects of a hypothetical global cyber-attack to the super storm known as Hurricane Sandy that hit the US coast in 2012, in terms of the financial impact. A major attack could result in financial losses of up to $53 billion, close to the total cost of the 2012 storm. That's according to noted banking group Lloyd’s of London, which teamed up with risk-modeling firm Cyence to look at several potential cyber-attack disaster scenarios. Apparently, insurers are… [Continue Reading]