United States:
Lloyd's Of London Report Forecasts Multibillion Dollar Losses Due To Cloud Outages
14 February 2018
Reed Smith
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On Tuesday, January 23, Lloyd's of London and AIR Worldwide
co-published a report regarding the financial fallout that could
occur if a cyber incident or shutdown of a cloud computing provider
happened in the United States. The report noted that losses could
be around $19 billion with only about $3 billion being covered by
insurance.1 The report also reveals that
"[g]iven the state of the cyber insurance industry today, a
cyber incident that takes a top three cloud provider offline in the
US for 3-6 days would result in ground-up loss central estimates
between $6.9 and $14.7 billion and between $1.5 and $2.8 billion in
industry insured losses."2 To read more on
the insurance perspective of cloud computing, click here:
http://bit.ly/2o3rfvx.
Footnotes
1 lloyds.com
2 lloyds.com
This article is presented for informational purposes only
and is not intended to constitute legal advice.
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