MANILA: The next two years will see a new peak in cybercrime activities, which means newer variety of online attacks and higher gains that will eclipse all previous illegal profits.
Looking at it another way, this is probably what people mean when they refer to the “digital disruption” effect since many Asia Pacific countries don’t have enough capabilities to stop cyberattacks, say analysts.
The CPO magazine asked: What happens, for example, if malicious threat actors decide to launch a cyberattack against the maritime ports in the Asia-Pacific region, home to nine of the world’s top 10 container ports.
“Insurance company Lloyd’s of London, in partnership with the University of Cambridge Centre for Risk Studies and the Cyber Risk Management (CyRiM) project at Singapore’s Nanyang Technological University, has simulated such a theoretical attack, and projected that the cost of the cyberattack could reach US$110 billion in a worst-case scenario,” said the portal.
For context, US$110 billion is about half the insured losses due to natural disasters in 2018.
The total insured losses last year were US$225 billion when there were 394 natural disasters for the whole…
