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Cyber risks can cause disruption on scale of 2008 crisis: study

Published on Apr 23, 2014 1:31 AM
 

GENEVA (AFP) - Organisations must dramatically improve their response to cyber risks to avoid a new global shock on the scale of the financial crisis that rocked the world in 2008, a study showed Tuesday.

Zurich Insurance said in a statement that even cyber security professionals did not have a clear overview of all the interconnected risks organisations can face.

The Swiss insurance group, which has produced a report on cyber risks in cooperation with the Atlantic Council think tank, warned that "a build-up in these risks could create a failure on a similar scale to the 2008 financial crisis".

Subprime mortgages were at the root of that crisis which began when the US housing market collapsed, dragging down major banks, and causing panic on world financial markets.

 
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