Monday 17 July 2017
Cyber-attacks could soon be costlier than natural disasters, says Lloyd’s of London. A new report from the specialty insurer claims economic losses related to the cyber threat in the US could be as high as $121 billion. The cyber insurance market, which Lloyd’s estimates to be worth around $3 billion, is tapping into a rapidly increasing demand, and companies are losing more than ever before. According to Lloyd’s and research partner Cyence, a cyber-security analysis company, last year’s world-wide losses were astounding: In 2016, cyber-attacks were estimated to cost businesses as much as $450 billion a year globally. As a…
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