Yemisi Izuora/Agency Report
Cybercrime now costs the global economy $445bn per year with the world’s top ten economies accounting for $250bn of the losses.
These figures were published in a new report by Allianz Global Corporate & Specialty (AGCS).
Managing The Impact Of Increasing Interconnectivity report warns businesses to prepare for a new generation of cyber risks-including business interruption and potential catastrophic blows.
It also predicted that the global cyber insurance market will grow to over $20bn from $2bn during the next decade.
Cyber risks are evolving far beyond privacy and reputational issues, says AGCS.
While data breaches and privacy risks have been centre of attention, a new set of threats are on the horizon, it believes.
AGCS says that intellectual property theft, cyber extortion and the impact of cyber-related business interruption (BI) losses are likely to grow.