Cyberattacks become “uninsurable.” The alarm comes from Mario Greco, CEO of Zurich Insurance. In an interview with ‘Financial Times’ said that cyber attacks are a threat that needs to be monitored. Furthermore, the Zurich boss sees governments as responsible. In recent years, executives of large insurance companies have warned of the risks of pandemics and climate change for insurance coverage, he said in an interview with the newspaper.
“What will not be insurable is cyber,” the head of the Swiss insurance group told the Financial Times. “What are the consequences if someone takes control of vital parts of the infrastructure?” he added, noting that it’s not just about data, cyberattacks can also endanger lives.
The escalation of damages in recent years has prompted insurers to take immediate steps to limit the risk. “Some have not only raised prices, but also adjusted policies so customers have to hold on to more losses,” Greco said, citing the 2017 NotPetya attack litigation.
Greco said there is a limit to which the private sector can absorb any losses caused by cyberattacks. He therefore called on governments to “create public-private systems to manage systemic cyber risks that cannot be quantified, similar to those that exist in some countries for earthquakes or terrorist attacks”. Swiss reinsurer Swiss Re filed similar claims in November.
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