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Lloyd’s Warns of US$100 Billion Cyber-Attack Danger
Sea Freight

Lloyd’s Warns of US$100 Billion Cyber-Attack Danger

If one attack hits the Asian port network, the world will shudder warns report

TLME News Service

One cyber-attack could cost the major Asia-Pacific ports up to US$110 billion in damages, according to a new report from London-based insurance provider Lloyd's.

These findings have been released in a report generated by the University of Cambridge Centre for Risk Studies and looked at a network of 15 major Asian ports and the effects of a cyber-attack.

The study created a hypothetical attack in which a software virus could scramble the cargo database logs at major ports.

The report noted that while this would have major effects, the true cost would be felt in delays and repairs in the chain that would be felt worldwide.

According to the report, transportation, aviation, and aerospace sectors would be the most affected, incurring an estimated $28.2 billion in total economic losses.

The manufacturing industry also could see losses of $23.6 billion, while retail would clock $18.5 billion in economic losses.

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