Joint Malware Attack Could Cause Major Economic Disruption

A hypothetical scenario developed as a stress test for risk management has revealed that a potential co-ordinated global cyber attack could cause major economic damages. According to the report which was produced by insurance market Lloyd’s of London and Aon, a global malware attack that could spread through malicious email, could cause economic damages worth $85 billion to $193 billion.


The report warned that an attack could affect several sectors globally, with the largest losses in retail, healthcare, manufacturing and banking fields.


It highlighted that insurance claims could range from business interruption and cyber extortion to incident response costs and could be worth an estimated $10 billion to $27 billion.


The test concluded that the difference between insured and economic loss estimates was highlighted by the extent of underinsurance in case of such an attack.


Co-produced by MSIG, SCOR TransRe and Cyber Risk Management (CyRiM), the stress test found that regional economies that are more service dominated would suffer more.


It said that the U.S. and Europe are vulnerable to higher direct losses.

more news

Sweat in peace, don’t bleed in war…


Whether you believe it was General Patton, General Shwarzkopf or another historic figure who coined these words – the point it makes has never been more relevant than today in the world of business, as well as in the mindset of the military. Even if the violent imagery doesn’t reflect your business leadership style, please read on, because we all need to consider how strategic neglect can lose business fast - faster than ever in fact. The same impetus that can create business value quickly from nothing can return it to dust with a speed that defies human understanding.

read more

Smartphone, Dumb Owner? Strengthen Your Mobile Security


With the growth in the use of smartphones and tablets in the workplace and the increase in personal use for such things as online banking, cybercriminals are turning their nefarious attention to mobile devices. Internet security giant Symantec has revealed that mobile malware variants soared by 54 per cent in 2017 when compared to the previous year.

read more

Prepare Against Cyberattacks - There Are Resources Available


It is foolish, in the mostly digital world we now live in, to assume that there is someone available to bail you out. Quite simply the more digitalised we get, the more self-sufficient we need to become. Protecting our assets online has never been such an important aspect of any business. There are a multitude of sites, services and products available to help, Government Agencies, the police, National Cyber Security Centre all willing to help and spraying the internet with great advice.

read more

IT Managers Overwhelmed Fighting Cyberattacks - Sophos


A global survey, The Impossible Puzzle of Cybersecurity, carried out by Sophos reveals IT managers are inundated with cyberattacks coming from all directions and are struggling to keep up due to a lack of security expertise, budget and up to date technology.

read more