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 $as high as $121bn, but taking into account the unpredictability surrounding growing cyber risks and the difficulty making calculations, it warned actual losses could reach 53bn.
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.