Cyber attacks on email service providers could bankrupt cyber insurers

Cyber attacks on email service providers could bankrupt cyber insurers

Cyber attacks on email service providers could bankrupt cyber insurers

A very small number of email service providers are offering their services to hundreds of thousands of organisations of all sizes in the UK and any prolonged downtime suffered by any of these email services because of cyber attacks could cost organisations billions of pounds in a matter of days.
This warning has been issued by predictive cyber risk modelling firm Kovrr which demonstrated in a detailed analysis that downtime suffered by popular email service providers could cost the UK heavily both in terms of economic losses as well as insured losses.
In its attempt at modelling a cyber catastrophe, Kovrr noted that the £12 trillion global economy is heavily reliant on over 290 billion email messages sent worldwide by over 150 million organisations every single day. That such a large number of emails are exchanged every day indicates that email today serves as the backbone of communications between sellers, buyers governments, and trading enterprises.

Copyright Lyonsdown Limited 2020

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