Dive Brief:
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The retail and wholesale industries could see economic losses of up to $3.4 billion in the event of a major cyberattack on U.S. cloud service providers, according to a report from Lloyd’s and AIR Worldwide.
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Specifically, the report stated that if a cyber incident were to take down one of the country’s top three cloud service providers for a period of three to six days, the outage would cause losses of between $1.4 billion and $3.5 billion for the retail and wholesale trade sector.
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The report also said smaller businesses would suffer a larger total economic loss than Fortune 1000 because companies too small to achieve that ranking are the ones more likely to use cloud providers to avoid buying and building their own in-house IT infrastructure.
Dive Insight:
Companies who move their IT operations and applications to the cloud may feel that cloud services are all silver lining, but cloud service providers are susceptible to cybersecurity attacks and other cyber incidents, too.
Retailers are increasingly becoming fans of cloud services and apps, but as another recent study from Netskope pointed out, cloud apps also introduce a new…
