Compryse

Digital community engagement for Australian enterprise

Cyber insurance companies are now taking a clear eyed view of the real risks

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Lloyd’s of London approximates that average cloud service [Cyber] events of varying severity range from $4.6 billion in total damages for a “large” attack to $53.1 billion for an “extreme” one. In the vulnerability example, the average costs range from $9.7 billion for a large event to $28.7 billion for an extreme one. Lloyd’s notes that much of the damages would not be covered by insurance. Only around 15 percent of damages would be covered in the cloud example and 7 percent in the vulnerability example.

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