Organizations could face up to $19 billion in losses if a cloud provider is hacked

If a hacker were to gain control of a cloud provider for over three days, businesses could face losses up to a whopping $19 billion, with SMBs carrying the largest economic and insurance losses, according to a new report. In partnership with the American Institutes for Research (AIR), insurance market Lloyd's of London is unveiling a new report detailing the financial impact of a cyberattack on a US cloud provider. Fortune 1000 companies will carry 38 percent of the losses (and 46 percent of insured losses) arising from a three to six day downtime event. However, smaller companies might be… [Continue Reading]