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.

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