Cyber Attacks To Become “Uninsurable:” Zurich Insurance CEO

Forget natural disasters, says the CEO. Cyber is the biggest threat, and public-private systems will be needed (note recent US movement in that direction.)

“’What will become uninsurable (versus climate change or pandemics) is going to be cyber,” (Mario) Greco said. ‘What if someone takes control of vital parts of our infrastructure, the consequences of that? …this is about civilization,” he said. ‘These people can severely disrupt our lives.’”

Zurich recently settled on a cyber claim it had rejected, claiming it should be excluded due to “warlike action.”

 

Source: Zurich Insurance CEO: Cyberattacks Will Be ‘Uninsurable’

Mark Sauter

Mark Sauter’s insights on the financial, policy and security elements of cyber insurance are based on years of experience in the investment banking, media and business worlds. Co-author of the McGraw Hill university textbook “Homeland Security: a Complete Guide,” Sauter was also a consultant to one of the world’s largest software companies and served as a US Army Special Forces and infantry officer.