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☆ Major cyber attack could cost the world $3.5 trillion -Lloyd's of London
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

3D printed models of people working on computers and padlock are seen in front of a displayed CYBER ATTACK words and binary code in this picture illustration taken, February 1, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsLONDON, Oct 18 (Reuters) - A major cyber attack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it not covered by insurance, commercial insurance market Lloyd's of London (SOLYD.UL) said on Wednesday. Cyber insurance saw over $9 billion in gross written premiums in 2022 and is forecast to grow to $13 billion to $25 billion by 2025, Lloyd's said. Over 20% of the world's cyber premium is placed in the Lloyd's market, Lloyd's said. Major cyber insurers Beazley (BEZG.L) and Hiscox (HSX.L) are among more than 50 insurance companies in the Lloyd's market.

Persons: Dado Ruvic, Lloyd's, ”, Bruce Carnegie, Brown, Beazley, Carolyn Cohn, Jonathan Oatis Organizations: REUTERS, Lloyd's, Cambridge Centre, Risk Studies, China, Thomson Locations: London, United, Japan

☆ Global economic losses from extreme weather could hit $5 trln -Lloyd's
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Lloyd's, which carried out the research alongside the Cambridge Centre for Risk Studies, stressed that its "systemic risk scenario", which models the global economic impact of extreme weather, was hypothetical. But it said the work would improve business and policymaker understanding of their exposure to critical threats such as extreme weather. When adjusting the estimated $5 trillion in losses over a five-year period for the probability of those extreme weather events occurring, the expected global economic losses were $711 billion, Lloyd's said. Lloyd's modelled global economic losses of extreme weather events by estimating the impact of food and water shocks on global gross domestic product over a five-year period. The Caribbean region would lose 19% of its GDP over five years if the extreme weather events were concentrated there, Lloyd's estimated.

Persons: Umit, Lloyd's, Trevor Maynard, Tommy Reggiori Wilkes, Mark Heinrich Our Organizations: REUTERS, Cambridge Centre, Risk, Thomson Locations: Turkey's, Istanbul, Turkey, London, Greater China, Caribbean

Deadly earthquake hits Afghanistan Earthquake impact mapPowerful earthquakes struck northwestern Afghanistan on October 8, killing more than 2,400 people, the Taliban administration said, in the deadliest tremors to rock the mountainous country in years. A boy cries as he sits next to debris, in the aftermath of an earthquake in the district of Zinda Jan, in Herat, Afghanistan, October 8, 2023. For example, an earthquake with a magnitude of 7 is ten times larger than a magnitude 6 earthquake. Afghanistan’s five highest magnitude earthquakes (7.4 to 7.8 magnitude) have occurred along the Hindu Kush mountain range in the country’s north-east region. A man carries the body of his child, in the aftermath of an earthquake in the district of Zinda Jan, in Herat, Afghanistan October 8, 2023.

Persons: Zinda Jan, Stringer Afghanistan’s, Damage Organizations: U.S . Geological Survey, REUTERS, Stringer Poor, Diplomats, International Committee, World Health Organization, WHO Locations: Afghanistan, Herat, U.S, Turkey, Syria, Zinda, Pakistan, South Asia, Kabul, Herat province

☆ Anthropic CEO to testify at US Senate hearing on AI regulation
▼ + stars: | 2023-07-18 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, July 18 (Reuters) - Artificial intelligence startup Anthropic's CEO Dario Amodei will testify on July 25 at a U.S. Senate hearing on artificial intelligence as lawmakers consider potential regulations for the fast-growing technology, the Senate panel scheduling the hearing said on Tuesday. "It’s our obligation to address AI’s potential threats and risks before they become real," said Democratic Senator Richard Blumenthal, the subcommittee chair. "We are on the verge of a new era, with major consequences for workers, consumer privacy, and our society." President Joe Biden met with the CEOs of top artificial intelligence companies in May, including Amodei, and made clear they must ensure their products are safe before they are deployed. The report would help push federal financial regulators to adopt and adapt to AI changes disrupting the industry, Schumer's office said.

Persons: Dario Amodei, Amodei, Yoshua Bengio, Stuart Russell, Richard Blumenthal, Josh Hawley, Joe Biden, Chuck Schumer, David Shepardson, Leslie Adler, Chris Reese Organizations: U.S, Senate, Privacy, Technology, Google, Democratic, Republican, Thomson

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