Sunday, 19 November, 2017

A cyber attack major potentially as costly as a hurricane

How Much Calculator Price Cost Pen Paper Insurance companies 'must adapt to threat of cyberattacks'
Kayla Schwartz | 17 July, 2017, 20:08

A major global cyber attack could cause an average of $53 billion (£40 billion) of economic damage, according to new research from Lloyd's of London.

In a 56 page report the insurance market said that the threat of cyber-attacks had spiralled in recent years and now posed a serious threat to both businesses and governments.

However it said in the cloud service disruption scenario, because of the uncertainty around aggregating cyber losses, this figure could be as high as $121bn, or as low as $15bn.

Operating system hacking can incur losses between $9.7 billion and $28.7 billion, says the Lloyds report.

According to the report, the average cost of such an attack could range anywhere from US$4.6 billion to US$53 billion, depending on the size of the event.

Insurers are struggling to estimate their potential exposure to cyber-related losses amid mounting cyber risks and interest in cyber insurance.

ITV appoints easyJet's McCall as CEO
McCall also sits on the Board of the Department of Business, Energy and Industrial Strategy and is a Trustee at the Royal Academy. Alongside her role at the low-priced airline, Ms McCall has been a non-executive director of Burberry since 2014.

The WannaCry fiasco, which infected a large number of computer systems in over 100 countries recorded a loss of around $8 billion, according to Cyence. Reuters notes most companies lack information frameworks they can rely on to assess their clients' risk profiles and make base assumptions, a significant problem for an industry which thrives on data.

Inga Beale, Lloyd's chief executive, said: "Just like some of the worst natural catastrophes, cyber events can cause a severe impact on businesses and economies, trigger multiple claims and dramatically increase insurers' claims costs". NotPetya was significantly less costly - globally, it cost organizations US$850 million. The financial and reputational cost in terms of business interruption and remediation can be substantial.

The Lloyds of London / Cyence hypothetical cyberattack looks like this: hackers inject a piece of malicious code into a cloud provider's software.

The losses could come from a wide-ranging assault on their cloud service provider that causes failure for their own company, customers and suppliers, Lloyd's warns today. But actual losses could be as high as $121 billion, the report said.

The threat of cyber attacks continues to rise, and in response so to is demand for cyber coverage and the desire among insurers and reinsurers to develop adequate, affordable and effective cyber risk solutions. More worryingly, the report states that as much as $45 billion of that sum may not be covered by cyber policies due to companies not investing enough in appropriate insurance policies.

Recommended

Price, Sox win, salvage doubleheader and series split with Yankees Price, Sox win, salvage doubleheader and series split with Yankees They went 1 for 7 in the late game, leaving them 3 for 38 with RISP in series and 3 for 58 against the Yankees this season. Price finished his eighth scoreless inning and Craig Kimbrel got the save to complete the shutout.

HTC keyboard app begins showing ads for some users HTC keyboard app begins showing ads for some users However, these ads on the HTC 10 keyboard are coming due to their use of a third party keyboard as their default keyboard app. It is not unusual for ads to appear on free versions of apps and utilities, though in this case, the app was pre-installed.

Blue Apron Plummets After Amazon Files for Meal-Kit Trademark Blue Apron Plummets After Amazon Files for Meal-Kit Trademark In the wake of that bit of news, Blue Apron's stock has dropped to its lowest point ever, down more than 9%, according to CNBC . If that isn't sufficient evidence that Amazon is preparing to enter the space, the product's tagline reads: "We do the prep".

Apple previews upcoming emoji for World Emoji Day The World Emoji Day website says the day is celebrated on 17 July because the day is famously displayed on the iOS Calendar Emoji. In the meantime, here is a close look at 12 new emoji designs that will be coming to all Apple devices over the next few months.

Indiana police to release new evidence in killing of 2 teens Indiana police to release new evidence in killing of 2 teens It's been more than five months since the girls' bodies were found on a trail near the Monon High Bridge. They also released audio in which a male voice can be heard saying "down the hill".

Tom Price on Health-Care Bill: Up Is Down Tom Price on Health-Care Bill: Up Is Down The changes got Johnson to say he'd vote "yes" to start debating the bill, but he then raised new concerns in Green Bay. John Kennedy said the "unfair treatment" under McConnell's original bill would have cost the state $2 billion.

Russian foreign minister calls seizure of U.S. compounds 'daylight robbery' Russian foreign minister calls seizure of U.S.  compounds 'daylight robbery' President Vladimir Putin raised the issue with Donald Trump when they met for the first time at the G20 summit in Hamburg this month.

British royals arrive in Poland at start of a European Union visit The Duke and Duchess of Cambridge will also visit Berlin's Holocaust museum and memorial. Prince George and Princess Charlotte on public display is a rare occurrence.

Tekken 7 Geese Howard Gameplay Trailer Tekken 7 Geese Howard Gameplay Trailer Geese Howard is the main antagonist of the Fatal Fury series, and also appears as a villain in the Art of Fighting series. No other characters have been confirmed just yet, but it's likely we'll see a few more announced in the months ahead.

Australian Justine Damond shot dead by police in Minneapolis after calling 911 Australian Justine Damond shot dead by police in Minneapolis after calling 911 As Mayor of our City, a wife, and a grandmother, I am heartsick and deeply disturbed by what occurred last night. Damond's personal website says she trained as a veterinarian and practised yoga and meditation for 17 years.

Behind-the-scenes look at new Star Wars film Star Wars : The Last Jedi , the second installment of the third set of Star Wars trilogies is set to open in theaters December 13, 2017.

12-year-old boy killed in Borno bomb blast 12-year-old boy killed in Borno bomb blast NAIJ.com, recalls that at least 11 persons were killed in multiple bomb explosions on Tuesday night, July 11, in Maiduguri . It is the second time in a week that four female suicide bombers have sought to cause carnage in Maiduguri .

Blade Runner 2049's latest trailer promises to reveal the future of humanity Blade Runner 2049's latest trailer promises to reveal the future of humanity The second trailer for Blade Runner 2049 has arrived, and it shows us more of the first meeting between Deckard and Ryan Gosling's LAPD Officer K.

US Intelligence Alleges UAE Hacked Qatari Government Sites Sparking Crisis Qatar said in late May that hackers had posted fake remarks by the emir, an explanation rejected by Gulf states. It quoted him praising Hamas and Iran - ideological foes of other members of the Gulf Co-operation Council.

Artificial sweeteners don't help people lose weight, review finds Artificial sweeteners don't help people lose weight, review finds Adults who have at least one diet drink a day are three times more at risk from a stroke or dementia, research showed in April. Observational studies that link the sweeteners to health problems do not prove the sweeteners themselves are responsible.