A ransomware attack could cost US economy $89B, researchers warn

A global ransomware attack could cost the U.S. economy up to $89 billion, according to a new report from the Cyber Risk Management project.

Globally, a massive cyberattack could cost up to $193 billion.

U.S. losses likely would be attributed to a combination of reduced productivity and consumption, IT clean-up fees, ransom payments, and supply chain disruption, according to the report. Researchers also found that, globally, healthcare and retail would be the most affected industrie.

"A cyberattack is the second-greatest threat to the U.S. economy — in large part due to the increasing impact of attacks as the U.S. and global economies become more dependent on and driven by technology," Hank Watkins, president of  Lloyd's America, said. Lloyd's of London is one of the founding members of the CyRiM project, which conducted the study.

"While awareness of the threat posed by cyberattack and the global insurance industry's response have been growing in the U.S. … it's more important than ever for companies, individuals and organizations to anticipate and prepare for breaches," he added.

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