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Global cyberattack could cause billions in damages

(Image credit: Image source: Shutterstock/GlebStock)

A global cyberattack, something akin to what originated last year in Ukraine only larger, would cost the world dizzying amounts of money, a report has claimed.

Lloyd's of London and Aon jointly issued a new report based on a stress-test for risk management, and it says that such a global attack could cost anywhere between $85 billion and $193 billion. Various industries would feel the effects of such an attack, but retail, healthcare, manufacturing and banking would be hit the hardest.

The test has shown that there is a huge difference between the cost of such an event, and how much businesses would be able to get from insurance, highlighting the extent of underinsurance in the industry.

Insurance would be able to cover anywhere between $10 and $27 billion.

Regional economies that are more service-dominated, like North America or Europe, would be hit worse, and would suffer more, it was stated.

The stress-test and the report draw its inspiration from the 2018 NotPetya ransomware attack, which disrupted businesses all over the world. It originated from Ukraine, but quickly spread to computers and networks everywhere, wreaking havoc wherever it went.

It is suspected that the Russian government was behind the NotPetya attack, and businesses are constantly being reminded to be on the lookout for cyberattacks, both privately-organised, or state-sponsored.

Image source: Shutterstock/GlebStock

Sead Fadilpašić
Sead Fadilpašić

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.