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.