NCC : Cyber attacks could cost London more than $7bn

More than $7bn (£4.5bn) of economic output is at risk in London due to the threat of cyber attack, according to a new study from Lloyd's of London.

The capital was ranked as fifth in the GDP cyber attack risk index, with New York taking the top spot with $14.8bn at risk.

Researchers analysed 18 threats all together and classed cyber attack as a "significant" emerging threat. The report said that new or emerging risks account for more than a third of the total GDP at risk. In addition, it said that just four threats - cyber attack, plant epidemic, solar storm and human pandemic - represented more than a fifth of the total GDP at risk.

Ollie Whitehouse, technical director at NCC Group, said the research highlights the importance of cyber security.

"We live in an increasingly connected world so I'm not surprised that cyber attack is seen as a significant emerging threat. When it comes to cyber attacks, it's not a case of if, but when.

"This report highlights the need for cyber security to be taken seriously by everyone from business owners to governments."

On a more general basis, the study, which is based on original research by the Cambridge Centre for Risk Studies at the University of Cambridge Judge Business School, suggested that more than $4.6 trillion of projected GDP is at risk from man-made and natural disasters over the next decade.

Professor Daniel Ralph, academic director of Cambridge Centre for Risk Studies, said the report is the result of six years of research into catastrophic shocks on complex systems.

He added: "The measure GDP@Risk makes it possible to combine and compare a very wide range of threats, including those that are disruptive and costly, such as market collapse, in addition to destructive and deadly natural catastrophes."

Published date: 03 September 2015