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.
Kaspersky Highlights Information Security In Loss Figures
To budget for information security, companies need to consider factors such as average potential losses, preferably by incident type, as well as other businesses’ average, outlays on security, Says the latest security report from Kaspersky.read more
Half Of Global Organisations Not Prepared For Cyberattacks
It is believed that more than 4,000 cyberattacks occur daily worldwide, but half of organisations across the globe admit they are not prepared for such events.read more
Secure Your Physical Business Against Data Theft
Data theft does not just happen in cyberspace, but in the physical business environment, too. Lax physical security can allow criminals to access your computers, filing cabinets, documents left on desktops, etc. Here are some tips for you to ensure your everyday working environment is safe and secure.read more
UK Launches Third NCSC Annual Review
Paymaster General and Minister for the Cabinet Office Oliver Dowden MP has launched the UK's National Cyber Security Centre's third Annual Review. In his presentation speech, he said: "Thank you, everyone, for joining us this morning. Cybersecurity is genuinely a massive priority for the government and it gives me great pleasure to launch the National Cyber Security Centre’s third Annual Review.read more