Extreme cyberattack could cost $73 bil globally, says Lloyd’s

SINGAPORE (July 17): Recent research conducted by Lloyd’s and Cyence showed that a major global cyberattack, which involves a malicious hack that takes down a cloud service provider, has the potential to trigger up to US$53 billion ($72.6 billion) worth of economic losses.

According to the research, the failure of an operating system run by a large number of computers and businesses around the world would cause losses up to US$28.7 billion.

This poses a significant implication to businesses in Singapore, says Kent Chaplin, CEO of Lloyd’s Asia Pacific, as a recent survey conducted among Singapore companies showed that 91% of the respondents are only in their early stages of security preparedness.

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