CyberNews Briefs

Theoretical Ransomware Attack Could Lead to Global Damages Says Report

A new report by Cambridge University, Nanyang Technological University, Lloyd’s, Aon, MSIG, and SCOR TransRe, describes the effects of a hypothetical global ransomware attack of unprecedented scale. According to the speculative cyber risk scenario, over 600,000 organizations around the globe would be impacted by a ransomware strain in less than 24 hours.

The attack could result in around $89 billion in total damages for US companies, $76 billion in costs for European firms, another $19 billion in Asia and a final $9 billion in costs for the rest of the world. A whopping 86% of these costs, totaling approximately $166 billion, would not be covered by insurance companies.

Read more: Theoretical Ransomware Attack Could Lead to Global Damages Says Report

OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.