Cyber attack damage could cost as much as Hurricane Katrina
The costs of Cyber attacks are escalating. Never before have we seen damages in the scale that we see today.
According to Juniper Research, the average cost of a data breach will exceed $150 million by 2020 — and by 2019, cyber crime will cost businesses over $2 trillion — a four-fold increase from 2015.
For the first time the World Economic Forum has identified Cyber Attacks as a top three risk to society.
“If an attacker took down a major cloud provider, the damages could be $50bn (£36bn) to $120bn, so something in the range of a [Hurricane] Sandy event to a Katrina event,” said John Drzik from Marsh, speaking at the launch of the WEF’s annual Global Risks Report.
“Companies generally don’t have the level of Cyber Hygiene that they need in order to adequately protect themselves from Cyber Attacks.”