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“A major cloud failure would significantly impact the insurance industry, and our research has shown that such an event is plausible," according to Scott Stransky, assistant vice president and principal scientist at AIR Worldwide. (Image: Shutterstock)

A new report from Lloyd’s and AIR Worldwide, analyzing the financial impact of the failure of a leading cloud provider in the United States for three to six days, concluded that it would result in economic losses of $15 billion and up to $3 billion in insured losses. 

The report found that companies outside of the Fortune 1000 — which are more likely to use cloud provider services — would carry a larger share of the economic and insurance losses than Fortune 1000 companies. However, the biggest 1,000 companies in the United States still would carry 38% of economic losses.

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