Cyberattack On Asia Ports Could Trigger $110B Losses

Law360, London (October 30, 2019, 3:51 PM GMT) -- A single cyberattack on major ports in the Asia-Pacific region could lead to global losses of $110 billion, specialist insurance market Lloyd’s of London has warned.

A report published by Lloyd’s of London on Tuesday found that the global economy is woefully unprepared for a major cyber-incident, even though the cost of a single attack would be equivalent to half of all losses resulting from natural catastrophes in 2018.

The report explores the hypothetical impact of a software virus spreading to 15 ports across Japan, Malaysia, Singapore, South Korea and China. It found that 92% of the losses, or $101 billion, from...

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