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Major Cloud Services Attack Could Cost $53 Billion

July 18, 2017

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What trait does a global cyberattack and a hurricane share? Both could cost insurers – and victims – dearly, according to a report published Monday by insurance giant Lloyd’s of London.

A global, major attack on cloud computing services could cost an average of $53 billion, according to the report, which was co-written with Cyence, a firm that helps the insurance industry evaluate cyber-related risks.

Only 17 percent of those losses, however, would be covered by insurance.

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