A major cyberattack on U.S. cloud services could cost retail and wholesale industries up to $3.4 billion in losses.
That’s the cheery news coming from a report from Lloyd’s and AIR Worldwide, published on Retail Dive last week.
The report stated that if an attack were to take down one of the country’s top three cloud service providers for a period of three to six days, the outage would cause losses of between $1.4 billion and $3.5 billion for the retail and wholesale trade sector.
It also stated the smaller businesses would suffer a larger total economic loss than the Fortune 1000 – because companies too small to achieve that ranking are the ones more likely to use cloud providers to avoid buying and building their own in-house IT infrastructure.
The manufacturing sector could also face a potential loss of up to $8.9 billion, meaning that retailers adopting cloud services may want to go the extra steps to determine what their cyber risk exposure is.