$166B Insurance Gap Exposes Businesses To Cyberattack

Law360, London (January 29, 2019, 5:06 PM GMT) -- Lloyd's of London said Tuesday that $166 billion of worldwide businesses are not insured against cyberthreats, with more than 600,000 companies vulnerable to losing almost $200 billion in total during a single global ransomware attack.

A report by Cyber Risk Management, of which Lloyd’s is a founding member, said that if a business opened an email containing a ransomware attack and this was automatically forwarded to all of its contacts, the attack would encrypt data on 30 million devices worldwide within 24 hours. This would force companies to fork out to decrypt their data, replace devices and deal with disruptions to...

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