Cyber attacks cost business $400 billion each year, Lloyd's CEO says

Posted On: Jan. 26, 2015 12:00 AM CST

Inga Beale, CEO of Lloyd's of London, said that cyber attacks cost businesses about $400 billion each year, Fortune reported.

The insurance industry collected premiums worth $2.5 billion from cyber insurance policies, Ms. Beale said, adding that the demand for cyber insurance has grown notably in recent years.

Lloyd's platform is used to underwrite around 10% of all cyber insurance, said Ms. Beale.