LONDON (Reuters) – A cyber attack on Asian ports could cost as much as $110 billion, or half the total global loss from natural catastrophes in 2018, a Lloyd’s of London-backed report said on Wednesday.
Cyber insurance is seen as a growth market by insurance providers such as Lloyd’s,
which specializes in covering commercial risks, although take-up in Europe and Asia remains far behind levels in the United States.
The worst-case scenario in the report was based on a simulated cyber attack disrupting 15 ports in Japan, Malaysia, Singapore, South Korea and China. Some 92% or $101 billion of the total estimated economic costs of such an attack are uninsured, Lloyd’s said.
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