Jul 17, 2017

Cost of global cyber attack could match massive hurricane

Vadim Ghirda / AP

A massive, global cyber attack on a cloud service provider could cost as much as $53 billion, about the amount of damage incurred by Superstorm Sandy, according to a new report by Lloyd's of London and risk-modeling firm Cyence, per Reuters.

  • In the hypothetical attack, hackers used malicious code designed to crash the cloud provider's servers a year later. At that point, the malware would have spread to the provider's customers, including big banks and hotels. The report says that the average economic losses from such an attack could range from $4.6 billion to $53 billion, but actual losses could hit as high as $121 billion.
  • By contrast: The WannaCry ransomware attack, that spread to more than 150 countries in May, cost $8 billion, and the June Petya attack cost $850 million, according to Cyence.
  • Why it matters: The rise in global cyber attacks is a major liability for corporations, and insurers are struggling to deal with covering losses and estimating exposure.

Go deeper

Coronavirus kills 2 Diamond Princess passengers as South Korean cases surge

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship.

The big picture: COVID-19 has now killed more than 2,100 people and infected over 75,000 others, mostly in mainland China, where the National Health Commission announced 114 new deaths since Wednesday.

Go deeperArrowUpdated 58 mins ago - Health

Massive MGM data breach: Guests' personal details posted on hacking site

The MGM Grand hotel in Las Vegas. Photo: Smith Collection/Gado/Getty Images

An MGM Resorts security breach last summer resulted in the personal details of 10.6 million guests published on a hacking forum this week, ZDNet first reported Wednesday.

Why it matters: Federal government employees and high-profile guests were affected by the breach, according to analysis by data breach monitoring service Under the Bridge and ZDNet — including officials from the FBI, Department of Homeland Security and the Transportation Security Administration, Twitter CEO Jack Dorsey, Microsoft staffers and singer Justin Bieber.

George Zimmerman sues Buttigieg and Warren for $265M

George Zimmerman in Sanford, Florida, in November 2013. Photo: Joe Burbank-Pool/Getty Images

George Zimmerman filed a lawsuit in Polk County, Fla., seeking $265 million in damages from Democratic presidential candidates Pete Buttigieg and Elizabeth Warren, accusing them of defaming him to "garner votes in the black community."

Context: Neither the Massachusetts senator nor the former Southbend mayor tweeted his name in the Feb. 5 posts on what would've been the 25th birthday of Trayvon Martin, the unarmed black teen Zimmerman fatally shot in 2012. But Zimmerman alleges they "acted with actual malice" to defame him.