Global investors lose billions to cyber attacks, report says


Cyber security attacks have wiped at least $52.4 billion (42 billion pounds) off the value of shares in recent years, according to a report published Wednesday.

The study by cyber security consultant CGI and Oxford Economics found that a “significant connection between a severe cyber breach and a company’s share price performance” meant that share prices fall 1.8% on average on a permanent basis.

Investors in a typical FTSE 100 company would be worse off by an average of 120 million pounds after a breach, according to the study. The data analyzed 65 “severe” and “catastrophic” cyber security breaches out of a total of 315 breach events since 2013.

Read more…

Source: CNBC.