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Economic losses from major payment system cyberattack pegged at $3 5T

Subjecting payment systems around the world to a catastrophic cyberattack could result in a $3.5 trillion loss in global gross domestic product over a five-year period, according to The Record, a news site by cybersecurity firm Recorded Future.

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Lloyd s systemic risk scenario reveals global economy exposed to $3 5trn from major cyber attack

Lloyd s systemic risk scenario reveals global economy exposed to $3 5trn from major cyber attack
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Major Cyber Attack Could Cost the World $3 5 Trillion, Says Lloyd s of London

A major cyber attack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it not covered by insurance, commercial insurance market Lloyd's of London said on Wednesday. The United States would suffer losses of $1.1 trillion over a five-year period from such an attack, which would cause widespread disruption to global business, according to a systemic risk scenario developed by Lloyd's and the Cambridge Centre for Risk Studies, Reuters said.

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Lloyd s of London: Payments System Cyberattack Could Cost $3 Trillion

A report found that a major payment system cyberattack could cost $3 trillion. The report, “Illuminating cyber crime,” was published Wednesday (Oct. 18) by…

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Extreme weather poses $5trn threat to global economy

Global economic losses could top $5trn over five years due to extreme weather events, according to research by Lloyd’s of London.

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