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Global Cyberattack Could Cost $121.4B, Lloyd’s Estimates

Attack on a widely used cloud-service provider could mean losses of $53B, it says.

By Oliver Suess, Bloomberg | Updated on July 19, 2017

A global cyberattack could result in damages of as much as $121.4 billion in an extreme event, comparable to the economic losses caused by Hurricane Katrina in 2005, Lloyd’s of London said in a report.

Average losses from a scenario where an attack would cause a widely used cloud-service provider to fail would be $53 billion, depending on organizations involved and the length of the data storage disruption, Lloyd’s said in the report. Insurers could face total claims in that scenario ranging from $620 million to $8.1 billion, according to the report.

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