2018 cost of global cyber-crime $600 billion
Wednesday, 10 24 2018, Category: Technology, Country: World
Re/insurers must make it their priority to better understand cyber risk and absorb more of this liability—serving a vital role for society and generating growth for the industry in the process, Doris Höpke, member of Munich Re’s board of management, told Baden-Baden Today.
Höpke highlighted the fact that cyber crime will cost the global economy around $600 billion in 2018—0.8 percent of global GDP, a figure which makes losses from natural catastrophes look small in comparison. The 10-year average for global economic losses from natural catastrophes is around $180 billion, she explained.
Source: Intelligent Insurer