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Data breaches, lawsuits, and ongoing conversations about cyber war exclusions gave Insurance Journal readers much to talk about regarding cyber insurance

Subjecting payment systems around the world to a catastrophic cyberattack could result in a $3.5 trillion loss in global gross domestic product over a five-year period, according to The Record, a news site by cybersecurity firm Recorded Future.

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 said on Wednesday. The United States would suffer losses of $1.1 trillion over a five-year period from such an attack, which would cause widespread disruption to global business, according to a systemic risk scenario developed by Lloyd's and the Cambridge Centre for Risk Studies, Reuters said.

A report found that a major payment system cyberattack could cost $3 trillion. The report, “Illuminating cyber crime,” was published Wednesday (Oct. 18) by…