Shipping: "Cyber Attack on Asian Ports Could Cost $110 Billion, Lloyd’s Warns"

That's starting to add up to real money. Lloyd's is using the scary number to maybe drum up some insurance business but you have to wonder if some of the more aggressive insurers/reinsurers could actually handle their the modeled event.
From Reuters via gCaptain:

A cyber attack on Asian ports could cost as much as $110 billion, or half the total global loss from natural catastrophes in 2018, a Lloyd’s of London-backed report said on Wednesday.

Cyber insurance is seen as a growth market by insurance providers such as Lloyd’s, which specialises in covering commercial risks, although take-up in Europe and Asia remains far behind levels in the United States.

The worst-case scenario in the report was based on a simulated cyber attack disrupting 15 ports in Japan, Malaysia, Singapore, South Korea and China. Some 92% or $101 billion of the total estimated economic costs of such an attack are uninsured, Lloyd’s said.

The figure was calculated by simulating the impact of a computer virus carried by ships and which scrambles cargo database records at the ports.

The report was produced by the University of Cambridge Centre for Risk Studies, on behalf of the Cyber Risk Management (CyRiM) project, in partnership with Lloyd’s....MORE

Possibly related:
"Delusions of competence: the near-death of Lloyd’s of London 1980-2002"
"Insurance: Lloyd's Risks Becoming Irrelevant"
"The Extortion Economy: How Insurance Companies Are Fueling a Rise in Ransomware Attacks"
 "‘Cashed-up’ Mother Teresa kept Vatican Bank afloat – journalist" 

Additionally:
May 1
Insurance/Shipping: "Lloyd’s of London Plots New Course as Storm Clouds Gather"
March 2018
Re/insurance "Business as usual is not sustainable, says Lloyd’s Chairman"