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Cyberattacks’ Risks Impossible To Be Covered, The Industry Warns

Cyberattacks’ Risks Impossible To Be Covered, The Industry Warns

The world’s biggest #insurance companies has warned that #cyberattacks will become “uninsurable” as the disruption from hacks continues to grow.

Recent attacks that have disrupted hospitals, shut down pipelines and targeted government departments have all fed concern about this expanding risk among industry executives.

First off, there must be a perception that this is not just data – it is about our civilisation, Mr. Mario Greco, chief executive at insurer #Zurich told in an interview with Financial Times. These people can severely disrupt our lives, he added.

Spiralling cyber losses in recent years have prompted emergency measures by the sector’s underwriters to limit their exposure.

The global insurers said there was a limit to how much the private sector can absorb, in terms of underwriting all the losses coming from cyber attacks.

They called upon governments to “set up private-public schemes to handle systemic cyber risks that can not be quantified.

The firms warned that a model of diffused risk in case of massive, sustained cyberattacks might not suffice.

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