Montreal man fools cops with auto made of snow, gets fake ticket
Life is odd bonus episode 'Farewell' launches March 6th
Oracle patches Spectre and Meltdown chip flaws
Your iPhone will freeze if someone sends you this text message
Nintendo Labo Harnesses the Power of the Cardboard Box
Cyber attacks could cost the global economy £40 billion
17 July 2017, 08:04 | Megan Pierce
Under one-fifth of companies insured against cyber attacks
The report forecasts that losses could range from $4.6bn (£3.5bn) for a large event to $53.1bn (£40.6bn) for an extreme event if a cloud service was disrupted through hacking.
According to the report, average economic losses due to such a disruption could cost as much as $53 billion while the actual losses could be as high as $121 billion, because of the uncertainty around calculating cyber losses.
The insurance market has formed a partnership with Cyence, a firm specialising in analysing the economic impact of cyber risks, to urge companies and its own underwriting members to focus more on their potential losses. Analysis in the report shows that for this scenario the protection gap could be as high as $45 billion, meaning that roughly $20.6 billion, or less than 17% of the economic loss would be covered by re/insurance protection.
Published two months after a ransomware cyberattack that hobbled National Health Service hospitals and hit almost 100 countries, a 56-page report from the world's oldest insurance market says the threat posed by such global attacks has spiraled and poses a huge risk to business and governments over the next decade.
If a single cyberattack were to reach Lloyds' extreme scenario of $121.4 billion, that would not only surpass the damages caused by Hurricane Katrina, but it would also exceed the cost of the 2010 Deepwater Horizon spill in the Gulf of Mexico of $61.6 billion, according to BP's 2016 estimates. What makes it even more challenging is a lack of historical data on which insurers can base their assumptions. These costs mostly go on business interruptions and computer repairs.
The report's hypothetical cloud service provider attack involves hackers injecting malicious code created to trigger system crashes among victim systems a year later.
"Just as some of the worst natural disasters, incidents of cyber are likely to have serious impacts on businesses and economies", alarm Inga Beale, boss of Lloyd's of london, quoted in the press release. The malware would take a year to spread among systems of the provider's customers, including financial services companies and hotels, causing them to lose a massive amount of money.
Lloyds, the world's oldest insurance market, said its projections, issued on Monday, indicate the growing risk posed by the economic system's dependence on Internet-connected computer systems.
Lloyds has about one-quarter of the emerging area of cyber insurance and says risks are more hard to model than natural disasters due to the human element, which means underlying assumptions can change quickly.
Trian to Launch Proxy Fight Against P&G
Trian Partners called for "decisive action that goes above and beyond what the company has presently committed to do". The fight will play out over the run up to the company's annual meeting, which is usually held in October.
WhatsApp will support YouTube in the app!
Other features which will be coming with the update are a pinch to zoom option and full-screen mode. WhatsApp is testing in-app YouTube video playback in the iOS version of their beta app.
EVO 2017: Arc System Works Unveils 'BlazBlue Cross Tag Battle'
This is the first instance for Arc System Works to team up with Rooster Teeth, the creator of the American anime-style franchise. BlazBlue Cross Tag Battle was revealed with a trailer following the final of Evo 2017's BlazBlue Central Fiction tournament.
Legendary Director George A. Romero Dead at 77
He exec produced and updated his own screenplay for Tom Savini's 1990 remake of " Night of the Living Dead ". He got his start in the entertainment business by filming commercials and shorts, including a segment on Mr.
NY sports broadcast icon Bob Wolff dies at age 96
Wolff was born in New York City on November 29, 1920, and began his broadcasting career in 1939 as a student at Duke University. Robert Wolff, Rick Wolff, Margy Clark, nine grandchildren, and five great-grandchildren survive Wolff.
IShares MSCI Brazil Index
A multi-faceted indicator created to give support/resistance levels, trend direction, and entry/exit points of varying strengths. A common look back period is 14 days. db x-trackers S&P 500 UCITS ETF 1C (XSPU.L)'s Williams %R presently stands at 0.00.
Apple's new emojis were just announced
In addition, to mark World Emoji Day, Apple has changed a number of titles of its films in iMovies to emoji-only titles. The fourth annual World Emoji Day takes place today July 17th because it's the date shown on Apple's calendar emoji.