A major cyber crisis could result in damage to the global economy on a par with environmental catastrophes such as Hurricane Katrina and Hurricane Sandy , according to a report by Lloyd 's of mit . Lloyd 's said a large - scale hack of a cloud services provider would likely lead to economic losses in the region of $ 53bn , but taking into account the uncertainty surrounding growing cyber risks and the decision making calculations , it estimated actual losses could be as high as $ 121bn .
A major cyber attack could result in damage to the global economy on a par with environmental catastrophes such as Hurricane Katrina and Hurricane Sandy, according to a report by Lloyd's of London. Lloyd's said a large-scale hack of a cloud services provider would likely lead to economic losses in the region of $53bn, but taking into account the unpredictability surrounding growing cyber risks and the difficulty making calculations, it warned actual losses could reach as high as $121bn.