Zurich CEO Mario Greco warns
Cyber risks will soon be “uninsurable”
When hackers steal customer data, it’s annoying – but at least not life-threatening. The situation is different when hospitals or electricity companies are attacked. Zurich boss Mario Greco warns of the increasing risks from cyber attacks.
1/5
Zurich CEO Mario Greco warns: Cyber risks are becoming “uninsurable”.
Cyber attacks are becoming “uninsurable”. Mario Greco (63), CEO of Zurich Insurance, made this warning in an interview with the Financial Times. Greco believes cyber attacks are a threat that needs to be monitored. Governments are responsible.
For years, the major insurance companies have been warning of the risks posed by pandemics and climate change. Greco now counters this and advocates keeping an eye on cyber attacks as the greatest risks for insurance cover.
Ukraine war increases risk
“What are the consequences if someone takes control of vital pieces of infrastructure?” Greco asked the Financial Times. It’s not just about data: Cyber attacks could also endanger human lives.
In the recent past, for example, hospitals have already become victims of cyber attacks. Hackers could also target critical government infrastructure, such as electricity service providers. The Ukraine war has heightened Western concerns about cyber attacks on infrastructure.
Does the state have to intervene?
In addition to critical infrastructure, cyber attacks are also hitting more and more large companies and SMEs. The cyber damage, which has skyrocketed in recent years, swallows up hundreds of millions for insurance companies. In order to limit their risk, many insurance companies have already increased the prices for corresponding offers. Or the policies adjusted so that not all damage is covered.
Greco said there is a limit to which the private sector can absorb any losses caused by cyberattacks. He called on governments to “create public-private systems to manage systemic cyber risks that cannot be quantified, similar to those that exist in some countries for earthquakes or terrorist attacks.” (SDA/sfa)