"Zurich Chief Warned That Cyber Attacks Will Become Uninsurable"

Mario Greco, the chief executive of the insurance giant Zurich, has warned that cyberattacks would soon be deemed "uninsurable." Critical infrastructures, such as hospitals, pipelines, and electric grids, could be rendered inoperable and severely damaged by cyberattacks. The Health Service Executive of Ireland shut down its Information Technology (IT) systems in May 2021 following a significant ransomware attack. With the rise in cyberattacks, an increasing number of businesses have chosen to shift their cyber risk by getting cyber insurance. The surge in cyber losses over the past few years has pushed up premiums, and some insurance firms have altered their policies in the event of cyber disasters. Zurich first refused to reimburse the food company Mondelez $100 million in 2019 because it regarded the NotPetya attack as an "act of war" that was not covered by its policy. Greco noted that the private sector cannot pay all the damages generated by cyberattacks and suggested the establishment of private-public programs to manage unquantifiable systemic cyber risks, similar to those that exist in some jurisdictions for earthquakes and terrorist attacks. This article continues to discuss the growing severity of cyberattacks that will make such attacks uninsurable. 

Security Affairs reports "Zurich Chief Warned That Cyber Attacks Will Become Uninsurable"