Major cyber attack could cost the world $3.5 trillion -Lloyd's of London
© Reuters. FILE PHOTO: 3D printed models of people working on computers and padlock are seen in front of a displayed CYBER ATTACK words and binary code in this picture illustration taken, February 1, 2022. REUTERS/Dado Ruvic/Illustration/File photoLONDON - A major cyber attack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it not covered by insurance, commercial insurance market Lloyd's of London said on Wednesday.
The United States would suffer losses of $1.1 trillion over a five-year period from such an attack, which would cause widespread disruption to global business, according to a systemic risk scenario developed by Lloyd's and the Cambridge Centre for Risk Studies.
Cyber insurance saw over $9 billion in gross written premiums in 2022 and is forecast to grow to $13 billion to $25 billion by 2025, Lloyd's said. Concern about the cost of such insurance and whether it will provide cover in the case of war are deterring some potential customers, brokers say.Major cyber insurers Beazley and Hiscox are among more than 50 insurance companies in the Lloyd's market.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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