Lloyd’s: US Cloud Computing Shutdown May Cost $19 Billion in Losses

In a report co-written with AIR Worldwide, insurance market Lloyd’s of London recently warned that the temporary failure of a major US cloud computing provider could result to $19 billion in losses.

The report further explained that disruptions such as hackings, lighting strikes, bombing of data centers, human error, or anything that could cause an outage of three to six days can rack up losses ranging from $5.3 up to $19 billion. However, only $1.1 to $3.5 billion would be covered by insurance.

The report did not reveal the names of the providers, but according to research firm Canalys, Amazon.com Inc holds the top market position at 31.8 %, followed by Microsoft Corp at 13.9%, then Alphabet Inc’s Google at 6%.


Source: Reuters

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