The increasing risk of cyberattacks has placed New York as the number one city at risk of a cyberattack with $14.08 billion of economic growth at risk, according to Lloyd’s City Risk Index report.
In a joint report with the University of Cambridge, the Lloyd’s City Risk Index 2015-2025 report looked at 301 global cities covering 18 different threats from cyberattacks, tsunamis, solar storms, plant epidemics, terrorism, and market crashes.
According to the report, New York was number one for cyberattack exposure, followed by Los Angeles, Sao Paulo, Paris, and London, which had $7.89 billion of economic growth at risk.
The report noted that as cyberattacks become more prevalent in our day-to-day lives, there is over $294 billion of economic growth at risk from cyberattacks from the cities combined.
This news comes after the New York Times’s Moscow bureau was reportedly the target of a cyberattack in August and President Obama admitted earlier this year that the cybersecurity in government was a concern.
All Businesses Are a Potential Target
Even though banks have taken measures to stockpile bitcoin as a way of paying off hackers who steal important files, they are not the only ones at risk. Hospitals, travel agents, and education instituations are also other establishments that are being targeted by cyberattacks. While people such as presidential nominee, Hillary Clinton, was recently targeted by hackers after her emails were hacked into.
The report found that as there are more people living in cities than at any point in history this has played a key role in driving global economic growth.
They have also concentrated wealth in vast urban centres, which makes economies – national and global – more exposed to the impacts of manmade and natural disasters.
As the world becomes increasingly interconnected and technologically dependent there are four emerging threats that account for over one fifth of the total economic growth at risk: cyberattack, human pandemic, plant epidemic, and solar storm.
Mitigating the Problem
Of course, there are ways in which these emerging threats can be alleviated: by making sure that economies have a robust infrastructure to thwart them.
One solution, the report suggests, is to implement insurance policies, which will play a significant role in enhancing risk mitigation and boosting economic resilience to calamities such as cyberattacks.
As technology continues to advance in today’s world bringing people together and providing a place to store information, we are at an even greater risk of exposure to cyberattacks.
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