Technology: Potential global cyber attack could cause $85 bln-$193 bln worth of damage - report - PressFrom - US
  •   
  •   
  •   

TechnologyPotential global cyber attack could cause $85 bln-$193 bln worth of damage - report

23:10  29 january  2019
23:10  29 january  2019 Source:   reuters.com

'Mass hack attack' on German politicians

'Mass hack attack' on German politicians Hundreds of German politicians have had personal details hacked and published online, reports say. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); Contact information, private chats and credit card details have been put out on Twitter which belong to national and local figures from every political party except the far-right AfD. Data from celebrities and journalists also appear to have been leaked.

July 17 (Reuters) - A major, global cyber attack could trigger an average of billion of economic losses, a figure on par with a catastrophic natural disaster Insurers are struggling to estimate their potential exposure to cyber -related losses amid mounting cyber risks and interest in cyber insurance.

A major, global cyber attack could trigger an average of billion of economic losses, a figure on par with a catastrophic natural disaster such as A lack of historical data on which insurers can base assumptions is a key challenge. "Because cyber is virtual, it is such a difficult task to understand how

Potential global cyber attack could cause $85 bln-$193 bln worth of damage - report© Sergei Konkov/TASS via Getty Images/File A silhouette of a man in a balaclava mask sitting at a laptop computer, with computer code in the background.

A co-ordinated global cyber attack, spread through malicious email, could cause economic damages anywhere between $85 billion and $193 billion, a hypothetical scenario developed as a stress test for risk management showed.

Insurance claims after such an attack would range from business interruption and cyber extortion to incident response costs, the report jointly produced by insurance market Lloyd's of London and Aon said on Tuesday.

Singapore imposes $740,000 fines over major cyber attack

Singapore imposes $740,000 fines over major cyber attack Singapore's privacy watchdog Tuesday imposed fines of Sg$1 million ($740,000) on a healthcare provider and an IT agency over a cyber-attack that saw health records of about quarter of the population stolen. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); In the city-state's biggest ever data breach, hackers last year gained access to a government database and made off with the records of 1.5 million people, with Prime Minister Lee Hsien Loong among those targeted.

A major, global cyber attack could trigger an average of billion of economic losses, a figure on par with a The report , co-written with risk-modeling firm Cyence, examined potential economic losses from the hypothetical hacking of a cloud service provider and cyber attacks on computer

A cyberattack can be employed by nation-states, individuals, groups, society or organizations. A cyberattack may originate from an anonymous source. The spectacularity factor is a measure of the actual damage achieved by an attack , meaning that the attack creates direct losses (usually loss of

Total claims paid by the insurance sector in this scenario is estimated to be between $10 billion and $27 billion, based on policy limits ranging from $500,000 to $200 million.

The stark difference between insured and economic loss estimates highlights the extent of underinsurance, in case of such an attack, the stress test showed. An attack could affect several sectors globally, with the largest losses in retail, healthcare, manufacturing and banking fields.

Regional economies that are more service dominated, especially the United States and Europe, would suffer more and are vulnerable to higher direct losses, the report said.

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

Japan to survey 200 mln gadgets for cyber security

Japan to survey 200 mln gadgets for cyber security Japan is preparing a national sweep of some 200 million network-connected gadgets for cyber-security lapses ahead of the 2020 Tokyo Olympic Games, an official said on Tuesday. 

Cyber - attacks in particular can sabotage the control of major industrial security systems, or even cause property damage . While this may sound a little surreal when recounting situations, severe physical damage can occur at any time if commercial security systems are not protected.

A global cyber attack could cause over 0 BILLION in losses and equal the economic impact of Lloyd's of London report examined potential economic losses Report simul;ated an attack on cloud services and individual machines

Governments are increasingly warning against the risks private businesses face from such attacks, both those carried out by foreign governments and financially motivated criminals.

For example, 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 organisations across the world.

In another recent incident, 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.

The report was also co-produced by MSIG, SCOR TransRe and Cyber Risk Management (CyRiM).

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru; Editing by James Emmanuel)

Report: Russia will meddle in European elections, continue cyber campaign against West.
In a conflict, Russia would likely hit the Baltic states first, but war between Russia and NATO would involve attacks on Western Europe, says a new report.

—   Share news in the SOC. Networks
usr: 3
This is interesting!