Hell world. Red October. I want to cry. Petia.
These are some of the names of some of the cyberattacks that have shaken the world in recent years. Each represents a story of lost money, disrupted business, compromised information and shattered trust.
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And the headlines keep coming.
In a recent example, Henry Schein (HSIC) – Get a free report He said that on October 13 had determined that a portion of its manufacturing and distribution businesses “experienced a cybersecurity incident.”
The United States, China and Japan are most at risk
The healthcare products and services company said it quickly took precautionary measures, including taking certain systems offline and other measures aimed at containing the incident, causing a temporary disruption to some of its business operations.
The internet may have brought people together, but unfortunately there are some very unpleasant characters lurking on the dark web.
The FBI Internet Crime Reporting Center It received 800,944 complaints last year, down 5% from the previous year, but the total potential loss rose from $6.9 billion in 2021 to more than $10.2 billion in 2022.
Those figures may seem shocking, but they pale in comparison to a report from Lloyd’s of London that warned that a major cyberattack on a financial services payments system could lead to global losses of $3.5 trillion.
The United States would suffer losses of $1.1 trillion over five years from such an attack, causing widespread disruption to global business, according to a systemic risk scenario developed by Lloyd’s and the Center for Cambridge Risk Studies.
China would face losses of $470 billion and Japan $200 billion over the same period, the British insurance and reinsurance market said.
Cyber risks affect all areas of society
The recovery time for each country or region depends on the structure of its economy, its exposure levels and its resilience.
“The global interconnectedness of cyber means it is too substantial a risk for any one sector to face alone and we must therefore continue to share knowledge, experience and innovative ideas between government, industry and the insurance market to ensure that build societal resilience to the potential scale of this risk,” said Bruce Carnegie-Brown, chairman of Lloyd’s, in a Statement of October 18.
Lloyd’s said cyber attacks continue to threaten businesses and governments, with the costs of maintaining, preventing and responding to attacks increasing year on year.
Cyber remains a risk that has the potential to impact all areas of society, Lloyd’s said, “as it is a complex and connected risk that impacts areas such as supply chains and geopolitics.”
Cyber insurance is a growing market, estimated at just over $9 billion in gross written premiums last year, and projected to reach between $13 billion and $25 billion by 2025.
However, Lloyd’s said, this still represents a small portion of the potential economic losses facing businesses and society.
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