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Major Cyber Attack Could Cost Global Economy $3.5 Trillion: Lloyd’s

A cyber attack on a major financial services payment system could potentially cost the global economy $3.5tn over a five-year period, according to research from Lloyd’s and the Cambridge Centre for Risk Studies. The cyber insurance market is a relatively nascent market, valued at $9.2bn in 2022, and is projected to reach up to $25bn by 2025. In such a scenario, the US would face the highest economic loss at $1.1tn, followed by China ($470bn) and Japan ($200bn).

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