"Lloyd's of London Finds Hypothetical Cyberattack Could Cost World Economy $3.5 Trillion"
The insurance giant Lloyd's of London has warned that a major cyberattack against payment systems could cost the global economy $3.5 trillion. Modeled by the insurance marketplace and the Cambridge Centre for Risk Studies, the hypothetical scenario is deemed unlikely. Researchers estimated a 3.3 percent chance of happening. In addition, the British government has researched the probability of a cyberattack on the financial system and determined that a catastrophic incident is unlikely. In its National Risk Register, the worst-case scenario of an attack on financial market infrastructure was modeled as a single-network attack with a "remote chance" of occurring within a limited forecast period. In the government's scenario, the attack would have a considerable impact on the financial system, including the processing of financial transactions, and could cause people to lose confidence in the availability and integrity of financial data, as well as the financial system as a whole. This article continues to discuss the significant impact a cyberattack could have on the world economy.
Submitted by grigby1