Earlier this month Lloyd’s released its City Risk Index that looks at the likely economic output (GDP@Risk) of 301 cities across the globe in responding to the impact of 18 manmade and natural threats for the period of 2015 to 2025.
The Index confirms the predicted rise of cyber-attacks across the globe over the next ten years, quantifying its total GDP@Risk across all cities to be USD294.15bn. That makes cyber-attack the seventh greatest global risk according to the Index.
The Index identifies the top 20 cities with GDP@Risk as a result of a cyber-attack. As shown in the table below, New York comes in at first place, with its GDP@Risk identified at USD14.08bn. Both Sydney and Melbourne also make the list. While cyber-attack is a global risk, the Index does show a concentration of risk among the top 20 cities which account for 42.17% of the total GDP@Risk across all 301 cities.
Click here to view the table.
Cyber-attacks are identified as the second highest risk (behind a market crash) for both Sydney and Melbourne.
The Index highlights the likely prevalence of cyber-attacks over the next ten years as well as the importance for appropriate and adequate insurance to cover potential losses following from such attacks.
Click here for a link to the Index.