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01/08/2023

Are Cyber Attacks at Risk of Becoming ‘Uninsurable’?

Security Boulevard

Back near the end of December 2022, Mario Greco, chief executive at insurer Zurich, told the Financial Times that cyber attacks are set to become “uninsurable.”

As you might expect, these comments have set off global alarm bells.
First, what did the Zurich Insurance Group CEO say?

Greco’s comments to the Financial Times were widely reported all over the world. Here is an excerpt of that article:

“The chief executive of one of Europe’s biggest insurance companies has warned that cyber attacks, rather than natural catastrophes, will become ‘uninsurable’ as the disruption from hacks continues to grow. …
“Insurance executives have been increasingly vocal in recent years about systemic risks, such as pandemics and climate change, that test the sector’s ability to provide coverage. For the second year in a row, natural catastrophe-related claims are expected to top $100bn.
 

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