Cyber attack on Asia ports could cost $110 billion: Lloyd's

guest · Oct 30, 2019

Cyber attack on Asia ports could cost $110 billion: Lloyd's
October 30, 2019
https://www.reuters.com/article/us-...s-could-cost-110-billion-lloyds-idUSKBN1X900G

A cyber attack on Asian ports could cost as much as $110 billion, or half the total global loss from natural catastrophes in 2018, a Lloyd’s of London-backed report said on Wednesday.

The worst-case scenario in the report was based on a simulated cyber attack disrupting 15 ports in Japan, Malaysia, Singapore, South Korea and China. Some 92% or $101 billion of the total estimated economic costs of such an attack are uninsured, Lloyd’s said.
The figure was calculated by simulating the impact of a computer virus carried by ships and which scrambles cargo database records at the ports.

“We know that the biggest assets for companies are not physical, they are intangible,” said Lloyd’s Chief Executive John Neal. “With the increasing application of technology and automation, these risks will become even more acute.”
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