Lloyd's says cyber-attack could cost $120bn, same as Hurricane Katrina

World's oldest insurance market warns cost to global economy of cyber-attack could be as much as worst natural disasters

Lloyd's of London has warned that a serious cyber-attack could cost the global economy more than $120bn (92bn) - as much as catastrophic natural disasters such as Hurricanes Katrina and Sandy.

Published two months after a ransomware cyber-attack that hobbled NHS hospitals and hit nearly 100 countries, a 56-page report from the world's oldest insurance market says the threat posed by such global attacks has spiralled and poses a huge risk to business and governments over the next decade.

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