The Financial Times has recently quoted Mario Creco, CEO of Zurich Insurance who said that Cyber attacks set to become ‘uninsurable’! There is growing concern among industry executives about large-scale strikes. The chief executive of Zurich Insurance praised the US government’s steps to discourage ransom payments to cyber attackers.
Greco said there was a limit to how much the private sector can absorb, in terms of underwriting all the losses coming from cyber attacks. He called on governments to “set up private-public schemes to handle systemic cyber risks that can’t be quantified, similar to those that exist in some jurisdictions for earthquakes or terror attacks”. In September, the US government called for views on whether a federal insurance response to cyber was warranted, which could be part of, or outside, its current public-private insurance programme for acts of terrorism.
Mario Creco told the Financial Times that cyber was the risk to watch. “What will become uninsurable is going to be cyber,” he said. “What if someone takes control of vital parts of our infrastructure, the consequences of that?” “First off, there must be a perception that this is not just data . . . this is about civilisation.”
Source Financial Times: To read the full story click here.
