The largest ever insurance loss was for Hurricane Katrina in 2005 and it cost insurance companies $78 billion. After this loss, the next largest losses, mostly for earthquakes and hurricanes cost less than half as much. This helps to put into perspective what a $53 billion cyber attack loss would lead to, particularly since the level of cyber insurance cover is low. Is it time for insurance companies to change how they think about cyber attacks?
A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as U.S. Superstorm Sandy in 2012, Lloyd's of London said in a report on Monday.