Large cybarataka: The payment system of financial services can lead to global losses in the amount of $3.5 trillion, most of which will not be covered with insurance, the Lloyd’s OF London insurance market said.
According to the system risk scenario, developed by Lloyd’s and Cambridge Center for Risk Studies, the United States will incur losses of $1.1 trillion for five years due to such an attack that will cause large-scale interruptions in world business. China and Japan will face losses of $470 billion and $200 billion, respectively, for the same period.
Lloyd’s Chairman Bruce Carnegie-Braun said: “The global relationship in the field of cybersecurity means that this is too important the risk that one industry encounters him alone. Therefore, we should continue to exchange knowledge, experience and innovative ideas at the government level, industry and the insurance market to strengthen the stability of society in the face of a potential threat.”
In 2022, the volume of Gross-premiums in cyber inspection exceeded $9 billion and, according to forecasts, will increase to $13-25 billion by 2025, according to Lloyd’s.
However, fears regarding the cost of such insurance and guarantees of its action in the event of war repel some potential customers, barckers say.
More than 20% of world cyberpremia is located in the Lloyd’s market. Among the large cyber inspectioners in the Lloyd’s market, companies such as Beazley and Hiscox can be distinguished.