A survey conducted by London firm Lloyd says that the cyberattacks on Asian Ports could cost as much as $110 Billion which is equal to the loss borne by natural catastrophes in 2018. Therefore, covering commercial risks has become a lucrative earning option for insurance providers having businesses in Europe, Asia, and the United States.
Lloyd’s report also states that the past year witnessed the disruption of operations in more than 15 ports running in Japan, Malaysia, Singapore, South Korea, and China. However, the bad news is that more than $101 billion assets remain uncovered by any insurance cover which might prove disastrous in the near time.
Readers of Cybersecurity Insiders have to notify that the report was compiled after the Financial Firm simulated a malware-based cyber-attack by ships which usually leads to disruption of services and scramble of database records at the ports.
As Asia is home to a few of the world’s largest ports, any disruption could lead to a major economic loss as these ports act as commercial hubs to transport industrial goods, automobiles, clothing, and electronic goods.
Besides those countries which are linked to these ports will also witness a deep impact, leading to temporary or permanent business closures.
Note 1- The report was compiled by researchers from the University of Cambridge for Risk Studies- as a part of the Cyber Risk Management (CyRIM) Project sponsored by Lloyd’s.
Note 2- China, Malaysia, Singapore, and South Korea are reported to be home to Asia’s largest ports.
