Cyber attacks are becoming ‘uninsurable’. This warning comes from Mario Greco, CEO of Zurich Insurance. In recent years, executives at major insurance companies have warned of the risks to insurance coverage from pandemics and climate change. However, Greco believes that cyber-attacks in particular pose a threat that should be monitored.
“What will not be insurable is cyber,” the number one of the Swiss group told the British “Financial Times”. “What are the consequences if someone takes control of vital parts of the infrastructure?” he adds, pointing out that it is not just about data, but cyber-attacks can also endanger human lives.
The damage has increased enormously
The strong increase in cyber claims in recent years has prompted insurers to take immediate action to limit their risk. Some have not only increased prices, but also changed policies to require customers to withhold more losses.
Greco said there is a limit to which the private sector can absorb any losses from cyber-attacks. He therefore called on governments to “create private-public systems to address systemic cyber risks that cannot be quantified, similar to those in some countries for earthquakes or terrorist attacks”.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
