Analysis A study aiming to raise the profile of cyber insurance claims that cloud outages and ransomware outbreaks on the WannaCry scale could cost companies $81.7bn – more than natural disasters like 2012's Hurricane Sandy.
That's an awful lot of money, but wait – before you fish out the wallet – how did the authors arrive at these numbers?
Cyence, a cyber-risk analytics platform, and Lloyd's of London, the world's largest insurance market, said they "collaborated with a team of economic modellers and experts from the cybersecurity and cyber insurance industries" in the hope that their findings will move the industry as a whole toward a "standardised approach of measuring cyber risk".
The research process accounted for everything from commonly adopted technologies used across industries to non-technical factors that vary widely like people and processes.
Additionally, underwriters from the Lloyd's Market Association participated in a series of workshops to provide feedback and identify implications for the emerging cyber insurance industry.
Cyence reckons global losses from WannaCrypt will come out at $8bn compared to $850m from the NotPetya ransomware.