New figures[pdf] released by Kovrr show that a “cyber catastrophe” involving a disruptive cyberattack on a UK email service provider could result in around $3.25 billion in losses to be covered by insurance companies.

Kovrr believes that insurance and reinsurance companies aren’t prepared for this scenario even though it is a realistic one. The firm is urging (re)insurance firms “to act now to make sure they are properly managing their cyber exposures before a cyber catastrophe happens.”

Read more: Insured losses from a cyber catastrophe could reach billions