News07 Nov 2016

Australia:Cyber attacks could lead to losses of US$16 bln

07 Nov 2016

The Australian economy faces the growing risk of cyber attacks that expose it to a potential loss of US$16 billion over the next decade, according to a Lloyd's study.

In its City Risk Index 2015-2025, a joint study with Cambridge University, Lloyd's found that of 301 cities worldwide, Sydney ranks 12th in terms cyber attack exposure with $4.86 billion of economic growth at risk. Among Australian cities, Sydney is at greatest risk, followed by Melbourne ($3.87 billion), Brisbane ($2.05 billion), Perth ($1.83 billion), Adelaide ($1.01 billion) and Canberra ($0.50 billion).

The City Risk Index 2015-2025 analyses the potential economic loss in cities around the world from 18 threats over the next 10 years. Globally, Lloyd's warns that $294 billion is at risk as attempted and successful cyber attacks become more prevalent.

“With the emergence of the Internet of Things, the potential for cyber risk is enormous,” said Lloyd’s global chief Inga Beale in a comment to the ABC.

Lloyd’s said the demand for cyber insurance in Australia has increased by 16,828% in the past two years as businesses deal with the increased cyber threat.


 

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