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
This article is presented for informational purposes only and is not intended to constitute legal advice.