Lloyd’s warns cyberattacks pose $3.5tr global risk

In a hypothetical yet realistic scenario, a major cyberattack on a financial services payments system could result in widespread global business disruptions and potential economic losses of $3.5 trillion, according to a systemic risk scenario outlined by  Lloyd’s. Chairman Bruce Carnegie-Brown says that cyber risks are now “too substantial” to be addressed by a single sector, and requires collaboration among government, industry, and the insurance market to bolster resilience.