US power grid cyberattack could cost $1tn
Thursday, 07 09 2015, Category: Insurance and Reinsurance, Country: United States
A cyberattack on the US power grid could cost the US economy over $1 trillion according to a report by Lloyd’s and the University of Cambridge's Centre for Risk Studies.
The report, Business Blackout, examines the insurance implications of a major cyberattack, using the US power grid as an example.
The scenario: hackers shut down parts of the US power grid, plunging 15 US states and Washington DC into darkness and leaving 93 million people without power.
“The total impact to the US economy is estimated at $243 billion, rising to more than $1 trillion in the most extreme version of the scenario,” said the report.
Source: Intelligent Insurer