Cyber attack could cause $193 bn economic damages

A co-ordinated global cyber attack, spread through malicious email, could cause economic damages anywhere between $85 billion and $193 billion, according to a new report from the Cyber Risk Management (CyRiM) project.
Cybersecurity for CSOsAnother report said the global Cyber Security market is expected to reach $365.26 billion by 2026 from $95.15 billion in 2017 — growing at a CAGR of 16.1 percent from 2017 to 2026.

Insurance claims after such an attack would range from business interruption and cyber extortion to incident response costs. Total claims paid by the insurance sector is estimated to be between $10 billion and $27 billion, based on policy limits ranging from $500,000 to $200 million.

Cyber attacks have been in focus after a virus spread from Ukraine to wreak havoc around the globe in 2017, crippling computers, disrupting ports from Mumbai to Los Angeles and even halting production at a chocolate factory in Australia.

Britain’s National Cyber Security Centre announced on Friday it was investigating a large-scale Domain Name System (DNS) hijacking campaign that hit governments and commercial organizations across the world.

French engineering consultancy Altran Technologies was the target of a cyber attack that hit its operations in some European countries.

On a larger scale, personal data and documents from hundreds of German politicians and public figures, including Chancellor Angela Merkel, were published online in what appears to be one of Germany’s most far-reaching data breaches.

Two thirds of Germany’s manufacturers have been hit by cyber-crime attacks, costing the industry in Europe’s largest economy some 43 billion euros or $50 billion, according to a survey published by Germany’s IT sector association in Sept 2018.