Zurich

Cyber Attacks To Become “Uninsurable:” Zurich Insurance CEO

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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 … Read more

Settlement by Zurich to Accelerate Tighter Insurance Exclusions for Nation/State-linked Cyber Attacks 

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Insurers have tried to avoid paying claims related to Russia’s NotPetya cyber attacks on Ukrainian targets. “Now, however, it’s increasingly clear insurers aren’t off the hook for NotPetya payouts or from covering losses from other attacks with clear links to nation-state hackers…” “’We’re going to need to rethink what act of war means in cyberspace … Read more

Many Cyber Insurance Customers Find It Hard to Understand Their Policies & Other Interesting Tidbits in New Advisen-Zurich Survey 

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This useful survey includes reasons companies buy cyber insurance (see below). It also notes that a third of respondents say their cyber insurance policies are written unclearly. Source: 2022 Advisen-Zurich survey illuminates growing cybersecurity concerns – Oct 26, 2022

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