Asia-Pac ports underinsured against cyberattacks; one attack could cause up to US$110b in losses

Interesting analysis. Look at the potential losses in an industry segment, then look at the percentage of losses that are insured. Either the companies involved are confident in their operational risk mitigation measures or are massively underinsured…:

LOSSES from a cyberattack on ports in Asia-Pacific could range from US$40.8 billion to US$109.8 billion, according to scenarios studied by the Singapore-based Cyber Risk Management (CyRiM) project.

But insurance industry losses would just be between 8 and 9 per cent of the total loss, suggesting high levels of underinsurance, said the report.

CyRiM is led by Nanyang Technological University’s Insurance Risk and Finance Research Centre (NTU-IRFRC), in collaboration with industry and academia. It is overseen by a board with representatives from the Monetary Authority of Singapore, the Cyber Security Agency of Singapore, NTU-IRFRC, and industry members.

The report was produced on behalf of CyRiM by the University of Cambridge Centre for Risk Studies, in partnership with Lloyd’s.

It makes no claims about the probability of the scenario, devised “as a stress test for risk management purposes”.

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Original article here