Insurers are struggling to estimate their potential exposure to cyber-related losses amid mounting cyber risks and interest in cyber insurance. Economic costs in the hypothetical cloud provider attack dwarf the $8 billion global cost of the "WannaCry" ransomware attack in May, which spread to more than 100 countries, according to Cyence. Average economic losses caused by such a disruption could range from $4.6 billion to $53 billion for large to extreme events. Average losses for a scenario involving a hacking of operating systems ranged from $9.7 billion to $28.7 billion. Lloyd's has a 20 percent to 25 percent share of the $2.5 billion cyber insurance market, Beale said in June.

Source: bd News24 July 17, 2017 03:56 UTC