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Significance
The WannaCry malware spread worldwide, affecting the healthcare, manufacturing, telecommunications, utilities, transportation and education sectors. On June 27, another ransomware programme, Petya, spread from Ukraine and Russia. Lloyds insurance market warned last month that an extreme cyberattack could cost 120 billion dollars -- equivalent to 0.2% of global GDP.
Impacts
Reinsurance programmes will play a key role in helping captive insurers assess, quantify and mitigate the cyber risks in their portfolios.
The IT industry and consultancies will see new opportunities to market secure products and services.
Difficulty in identifying and apprehending cybercriminals will allow cybercrime to grow.
Keywords:
International,
INT,
economy,
black market,
computers,
crime,
insurance,
international law,
technology,
education,
emergency,
employment,
human rights,
infrastructure,
war
© Oxford Analytica 2020. All rights reserved. This content contains general information about geopolitical, macroeconomic and social developments or (where stated) other matters. It does not contain advice or recommendations that may be relied on. Where links to external websites are provided, this does not indicate that Oxford Analytica or Emerald agree with, endorse or have checked for accuracy the contents of said sites.
2017
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