A new report estimates that losses of up to US$110bn would occur in an “extreme” cyber-attack scenario involving Asia-Pacific (APAC) ports.
The Cyber Risk Management (CyRiM) project report explores a hypothetical cyber-attack on major ports across APAC, in which a computer virus infects 15 ports. The report also shows the global economy is underprepared for such an attack, with 92% of the total economic costs uninsured, leaving an insurance gap of US$101bn.
‘Shen attack’ depicts a plausible scenario in which an attack is launched via a computer virus carried by ships, which then scrambles the cargo database records at major ports and leads to “severe disruption”, explained the report from CyRiM project, the Singapore-based public-private initiative that assesses cyber risks, of which Lloyd’s is one of the founding members.
Substantial economic damage
The report shows how an attack of this scale would cause substantial economic damage to a wide range of business…
