Cyber-attacks could soon be costlier than natural disasters, says Lloyd’s of London.
The cyber insurance market, which Lloyd’s estimates to be worth around $3 billion, is tapping into a rapidly increasing demand, and companies are losing more than ever before.
As a reference point: Hurricane Katrina caused an estimated $108 billion in damages, making it the costliest disaster in US history.
A ship damaged a main cable off the coast of Somalia over three weeks ago causing the country to be entirely without internet access.
This problem goes far beyond lost revenue.
Travelers were stranded in Somalia, doctors were unable to access medical records, and many people were unable to work.