U.S. economy could lose billions if attack shut down major cloud providers, report says
The U.S. economy could lose an estimated $15 billion if a major cloud provider were to suffer a major cyberattack that disabled it for a few days, according to a report published Tuesday by Lloyd’s, the London-based specialist insurance market, and AIR Worldwide, a risk modeler. With large and small business increasingly relying on cloud services, the report was written to explain the potential impact if a major cloud provider such as Amazon Web Services, Google or Microsoft became inoperable. The report doesn’t tie the $15 billion figure to any particular cause of cloud downtime — it could be a natural disaster, structural failure or human error, not just an attack. The authors do emphasize, though, that large-scale cyberattacks are an emerging risk. “Cyber criminals are becoming increasingly sophisticated, attacks are happening on a larger scale and are harder to stop, and the ever-expanding internet of things is broadening the range of possible targets,” it says. The […]
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