New study: One cyber attack on ports could cost billions

A high degree of underinsurance leaves Asian ports to foot the billion-dollar bill themselves in the event of a cyber attack, shows new study from the University of Cambridge.

It could have major ramifications if the biggest Asian ports are hit by a cross sectional cyber attack. | Photo: Steve Marcus / Ritzau Scanpix/REUTERS / X00642

A single cyber attack on several Asian ports could end up costing somewhere between USD 40.8 and 110 billion, concludes Center for Risk Studies at the University of Cambridge in a new study, made in collaboration with Lloyd's.

This estimate is based on the worst-case scenario, in which a computer virus is spread to the 15 biggest ports in Japan, Malaysia, Singapore and China gaining access to databases.

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