Business Trend. Cost of Global Cyberattack at Hurricane Costs. Insurance Policy.

Lloyds of London estimates a global cyber attack will result in damages similar to hurricane Sandy, or $53 billion in economic losses from a global hacking of cloud services.

How do the $53 Billion oin costs break down?

• Average economic losses  $4.6 billion to $53 billion

• Actual losses could be as high as $121 billion

• $45 billion of that sum may not be covered by cyber policies, because

  • companies are underinsuring

• If operating systems are hacked, average losses range from $9.7 billion to $28.7 billion. 

How is Texas regulating the cyberinsurance market?