On Tuesday, January 23, Lloyd’s of London co-published a report with AIR Worldwide highlighting the significant financial fallout that could occur in the event of a cyber incident or shutdown of a cloud computing provider in the United States, noting that losses could be to the tune of about $19 billion – of which only about $3 billion would be covered by insurance.
The report calls attention to the rise in businesses’ integration with and reliance upon cloud computing services (particularly when fewer providers are gaining greater market share), and the rise in commensurate and systemic cyber risk and potential gaps in insurance coverage.
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