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It’s coming to the end of 2022, and 2023 looks to be more eventful for cybersecurity, cyber risk management and cyber insurance. Cyber insurance has gone through some considerable change in 2022 with premium price rises, falling coverage and insurers starting to bring in exclusions clauses for state-backed attacks.
2023 maybe an eventful year for cyber insurers as Mario Greco the Chief executive of Zurich insurance, warns that cyber attacks, rather than natural catastrophes, will become “uninsurable†as the disruption from hacks continues to grow.
‘Greco said there was a limit to how much the private sector can absorb, in terms of underwriting all the losses coming from cyber attacks.’ Calling for government backed insurance for systemic cyber risks.
One cannot underestimate the input from the CEO of Zurich Insurance. We have said the systemic nature of cyber risk management, the complexity of compliance and the frequency and severity of cyber attacks makes cyber an unstable risk to manage, mitigate and economically insure. Both in the event of catastrophic events, but also for most organisations that cannot afford to manage the risk without cyber insurance.
The impact on government financing and being the insurer of last resort is not financially viable in the case of systemic cyber incidents. Our dependance on digital, and hence cyber, requires an alternative approach to risk management and transfer. To coin a phrase from Chris Inglis, it requires a ‘whole of society approach’. For organisations to take responsibility for cyber risk with the help of insurers and government.
Ted Dziekanowski Gerry Kennedy
#cyberinsurance #cybersecurity #cyberriskmanagement #theaugustgroup
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