May 17, 2020

Report by Lloyd's says global cyber attack could cost $120bn

cyber
crime
hacking
Ransomware
Callum Rivett
2 min
A global cyber attack could cost as much as $120bn - more than natural disasters such as Hurricane Katrina - according to a new report by Lloyd's of Lon...

A global cyber attack could cost as much as $120bn - more than natural disasters such as Hurricane Katrina - according to a new report by Lloyd's of London.

The report comes after recent prolific attacks such as the ransomware WannaCry that hit the NHS in the UK in early May, as well as a Petya attack that disabled most of Ukraine's infrastructure.

Shipping giant Maersk and Russian oil producers Rosneft were also hit by the ransomware attack in June, whilst it is estimated to have cost Reckitt Benckiser around £100m. 

Lloyd's says that a cloud service provider is the most likely target for a hack, with estimates saying that such an attack would cost around $53bn as an average. 

That figure, however, could range between $15bn and $121bn depending on the severity of the attack and the scale of cyber losses.

RELATED STORIES

Issues arise due to the lack of insurance for cyber-attacks, according to Lloyd's. Chief executive Inga Beale says that the report "gives a real sense of the scale of damage a cyber-attack could cause the global economy."

"Global cyber events can cause a severe impact on businesses and economies, trigger multiple claims and dramatically increase insurers’ claims costs, much like a natural disaster can."

WannaCry falls into the second most likely cyber-attack - one that targets an operating system used by a number of businesses. A weakness in the retired Microsoft XP OS saw hackers able to exploit the system and encrypt files whilst demanding $300 in bitcoin.

Trevor Maynard, who co-authored the report and is Lloyd's head of innovation, identified that financial services are the most at risk from cyber-crime, with software and technology, healthcare, hospitality and retail following closely behind.

 

 

Share article

Jul 26, 2021

Five9: the cloud software industry leaders acquired by Zoom

five9
Cloud
contact centre
Catherine Gray
2 min
Following the announcement of Zoom buying cloud company Five9 for almost $15billion, we take a deeper look into the company’s history and success

Five9 is the leading provider of cloud contact centre software. Driven by a passion for transforming contact centres into customer engagement centres of excellence, Five9 have a deep understanding of the cost and complexity of running a contact centre.

Founded in 2001, Five9 help contact centres of every size create powerful connections. 

The company has over 20 years of cloud contact centre experience, reaches over 2,000 customers worldwide, and annually reaches over 7 billion customer interactions. 

Built on a highly reliable, secure and scalable cloud platform, Five9 makes it easy to rapidly trial and deploy new services. Its software also future proofs businesses by supporting AI and other emerging technologies.

Utilising cloud capabilities for improved customer experience

Offering software that creates more successful customer interactions, Five9’s cloud contact centre software increases contact centre productivity. This is without the capital expense and maintenance costs of premise-based systems.

Built on flexible architecture that adapts to a company’s changing needs, Five9 customers benefit from a secure, reliable and scalable contact centre.

Five9’s cloud contact centre platform also gives customers access to an extensive ecosystem of partners. Its platform can be enhanced with leading customer relationship management, analytics, workforce management, performance management solutions and telephony providers.

By utilising cloud technology, Five9 customers have access to the latest capabilities through no-touch, non-disruptive real-time upgrades.

Five9’s recognition for industry-leading software

As a leading cloud contact centre software provider, Five9 has been recognised by leading industry publications and organisations for its success and innovative solutions.

For the fourth consecutive year, Five9 has ranked as a global leader for The Aragon Research Globe for Intelligent Contact Centres 2021. 

Five9 was also one of only three providers to earn the MetriStar Top Provider award when evaluated as part of Metrigy’s global 2021-2022 Workforce Optimisation and Engagement research study.

Five9: Zoom’s first major acquisition

Zoom Video Communications has agreed to buy Five9 for about $14.7bn, marking the company’s first major acquisition.

This deal with Five9 will help expand the company’s Zoom Phone offering.

“I believe the combination of Zoom and Five9 will be a game-changer. Joining forces will create a transformative opportunity for two strong companies with complementary capabilities and shared values,” said Five9’s CEO, Rowan Trollope.

With Zoom’s reach and brand, the acquisition will help Five9 propel forward and help the company deliver on its goal of significant international expansion

Share article