This reminds us of the push after 9-11 for the US government to share terrorism losses with the insurance industry, which led to the Terrorism Risk Insurance Act, or TRIA. TRIA’s 2019 extension included a requirement for the federal government to study whether a similar structure might work for cyberterrorism.
“Cyber – as some other risks like pandemic, like nuclear – requires a public-private approach. It can easily lead to a scenario where the consequences of a cyberattack can really be relevant for countries, for society as whole, and not just for private companies,” said Zurich Insurance Chief Executive Mario Greco. “I would be in favor of a public-private scheme addressing at least the biggest events.”
Source: Zurich Insurance CEO Backs Carbon Tax and Public-Private Cyber Partnership