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Global cyber attack could cost $121.4 billion, Lloyd's estimates

A global cyber attack could result in damages of as much as $121.4 billion, comparable to economic losses caused by Hurricane Katrina in 2005, Lloyds of London said in a report

By Oliver Suess | Updated on July 18, 2017
The global cyber-insurance market is worth between $3 billion and $3.5 billion, Lloyd’s estimates. (Photo: Shutterstock)

(Bloomberg) – A global cyber attack could result in damages of as much as $121.4 billion in an extreme event, comparable to economic losses caused by Hurricane Katrina in 2005, Lloyd’s of London said in a report.

Average losses from a scenario where an attack would cause a widely-used cloud-service provider to fail would be $53 billion, depending on organizations involved and the length of the data storage disruption, Lloyd’s said in the report. Insurers could face total claims in that scenario ranging from $620 million to $8.1 billion, according to the report.

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