A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as US superstorm Sandy in 2012, Lloyd’s of London said in a report on Monday. More From Livemint »Insurers are struggling to estimate their potential exposure to cyber-related losses amid mounting cyber risks and interest in cyber insurance. The Lloyd’s report follows a US government warning to industrial firms about a hacking campaign targeting the nuclear and energy sectors. Average economic losses caused by such a disruption could range from $4.6 billion to $53 billion for large to extreme events. Lloyd’s has a 20-25% share of the $2.5 billion cyber insurance market, Beale said in June.

Source: Mint July 17, 2017 06:22 UTC