Another warning has been issued about the risks associated with cyberattacks. Or was it? A new report surfaced that has many cyber security experts, government officials and business executives confused. Lloyds, a special insurance market located in London has created an interesting document that examines cyberattacks on critical infrastructure.
Resource: Read the report.
The document examines cyberattacks that would result in a total impact to the economy of the United States of an estimated at $243 billion to over $1 trillion (for the most extreme scenario).Those are big numbers to say the least. Within the document, a section points out that Lloyds believes utility companies that experience cyberattacks would be likely to experience “claims arising for liability issues, most notably under directors and officers cover for failing to have adequate risk management processes in place.” However, is that where the liability issue really ends?
This is not the first time and certainly will not be the last when these scenarios are examined. The report does not address criminal liability of utilities with regard to cyberattacks. Think about that for a moment. The risks are not limited to the utilities sector. Consider the risk of criminal charges for a cyberattack on medical equipment or the connected vehicles or other devices or systems.
That being said, a number of questions remain.
For one, if the cyberattack results in death or deaths, are wrongful death suits likely to be filed? And in such a scenario, could the executives or the company be held criminally liable and charged due to those fatalities?
One has to wonder how long it will be before we experience criminal charges being brought against organizations that fail to properly protect critical infrastructure systems against cyberattacks.
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