Zurich Insurance CEO Mario Greco recently spoke about the growing sophistication and volume of cyber attacks potentially making cyber insurance uninsurable.
“What will become uninsurable is going to be cyber,” he said, “What if someone takes control of vital parts of our infrastructure, the consequences of that? There must be a perception that this is not just data . . . this is about civilisation. These people can severely disrupt our lives.”
British organisations have been faced with greater risk exposure in recent months as underwriters seek to reduce exposure. This has meant highly priced premiums, and sometimes outright refusals to ensure against cyber attacks.
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