Warning from Lloyd's of London: Major Cyberattacks Could Cost Global Economy $3.5 Trillion in GDP Over 5 Years

Insurance giant Lloyd’s of London issued a warning last week (18 Oct 2023), based on a hypothetical scenario that predicts the global economy could lose $3.5 trillion drop in GDP over a five year period as a result of a major cyberattack targeting payment systems. The research undertaken highlights the United States would be the worst hit, followed by China and Japan. The Lloyd’s scenario works on the assumption that several separate hypothetical and unprecedented cyberattacks all taking place at once, impacting the multiple independent systems that comprise financial market infrastructure overseen by various organisations. Impossible...I'm not so sure, seems pretty plausible when you consider the advances in AI-assisted network attacks and the warning issued near daily from the National Cyber Security Centre (NCSC) here in the UK. 

Read more about this news here - Lloyd’s of London finds hypothetical cyberattack could cost world economy $3.5 trillion (therecord.media)