The Strategist

Head of Zurich Insurance: Cyber attacks may no longer be insurable

12/28/2022 - 09:48

In a Financial Times interview, the CEO of the Swiss insurance giant Zurich suggested that cyberattacks may soon no longer be covered by insurance.

Mario Greco based his argument on the fact that the costs associated with cyber attacks are rising and that private insurance companies are no longer able to cover them.

“What would happen if someone gained control over crucial elements of our infrastructure? - Mr. Greco recalled recent cybercrime attacks on hospitals, government buildings, and pipelines. The first thing we need to realize is that it concerns all of civilization, not just data. The lives of those around us may be severely disturbed.”

According to the Financial Times, many insurance firms have already upped their rates in response to an increase in the frequency of successful cyberattacks and the associated increase in monetary losses. A few insurers have also modified their coverage policies.