Saturday, July 22, 2017

Asia ill-prepared against cyber attacks, says Lloyd’s

Asian companies are not fully prepared against any form of cyber attacks, according to a report by insurance market specialist Lloyd’s and risk modelling platform Cyence.

This is despite the fact that these attacks could result in losses that can be as large as those caused by major hurricanes.

The Cyence study, released yesterday, looked at the global cost of cyber attacks on businesses and modelled two hypothetical scenarios: a malicious hack that takes down a cloud service provider, and another was the failure of an operating system run by a large number of computers and businesses around the world.

The study revealed that the estimated losses for the cloud service disruption scenario ranged from US$4.6 billion for a large event to US$53 billion in an extreme case, while losses with the mass software vulnerability scenario ranged between US$9.7 billion and US$28.7 billion.

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