Major cyber attack could trigger losses of £40.5bn, says Lloyd's
17 July, 2017, 22:17 | Author: Benny Bass
In a second scenario, which takes this time to assumption of attacks targeting the operating system of computers used by a large number of companies in the world, the average losses range between a 9.7 and 28.7 billion dollars.
The report forecasts that losses could range from $4.6bn (£3.5bn) for a large event to $53.1bn (£40.6bn) for an extreme event if a cloud service was disrupted through hacking.
The losses caused by such an attack range from as little as $15bn to as much as $121bn, with a $53bn average estimate, Lloyds said, with as much as $45bn of uninsured losses.
In the event of a massive cyberattack, the global economy could suffer a huge loss of $121 billion, which would be on par with costs incurred by devastating natural disasters such as hurricanes Katrina and Sandy, renowned insurance market Lloyd's of London said in a report on Monday.
They said that up to $45 billion (£34 billion) of the damage caused by a severe attack may not be covered by firms' cyber insurance policies as they are under-insured.
The analysis reveals that under the mass software vulnerability attack scenario, the cyber protection gap is between $8.9 billion for a large event and $26.6 billion for an extreme event, which means that just 7% of the economic losses are covered by insurance protection.
Underwriters need to consider cyber cover in this way and ensure that premium calculations keep pace with the cyber threat reality.
By understanding cyber-risk exposure, insurers can improve their portfolio exposure management, set appropriate limits and gain the confidence to expand into this fast-growing insurance class.
In an extreme event of cloud service disruption, Lloyd's of London warned economic losses could be as high as $121.4bn (£92.5bn) depending on factors such as the different organisations involved and how long the cyber attack lasts for.
"NotPetya" caused $850 million in economic costs, Cyence said. "To achieve this, data collection and quality is important, especially as cyber risks are constantly changing".
The aim of this report is to provide insurers who write cyber coverage with realistic and plausible scenarios to help quantify cyber-risk aggregation.
The company, which published the 56-page report in cooperation with computer security firm Cyence, said its findings also reflect how hard it is to model and understand an area in which there is so little historical data upon which to base assumptions.
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