Extreme Cyberattack Could Cost as Much as Superstorm Sandy, Says Insurer Lloyd’s of London

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A global cyberattack has the potential to cost $120bn in economic losses, roughly the equivalent of a catastrophic natural disaster like 2012’s Superstorm Sandy, a scenario described in new research by Lloyd’s of London and Cyence, a cyber-risk analytics modeling firm. Findings also reveal that despite the increase in cyber-insurance demand, majority of losses are not currently insured, leaving an insurance gap of tens of billions of dollars.

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