The CEO of Zurich Insurance, Mario Greco, has issued a stark warning that cyber attacks are becoming so frequent and severe that they may soon become uninsurable. Greco states that companies are underprepared for these types of attacks and are not taking the necessary steps to protect themselves. He suggests that insurance companies will have to change the way they approach cyber risk in order to keep up with the rising threat.
Greco advises that companies must invest in cybersecurity measures and work with insurance providers to develop more effective risk management strategies. He also calls for stricter regulations on companies and increased penalties for those who fail to take adequate precautions, suggesting that governments and regulators must play a role in addressing the issue.
The CEO also emphasizes the fact that many companies are still not aware of the potential risks of cyber attacks or are not taking them seriously enough. He states that companies must understand that the risks of cyber attacks are not limited to the loss of data or money, but also include reputational damage, business interruption, and regulatory fines.
In short, cyber attacks are becoming so frequent and severe that they may soon become uninsurable, according to the CEO of Zurich Insurance. He advises companies to invest in cybersecurity measures and work with insurance providers to develop more effective risk management strategies. Governments and regulators must also play a role in addressing the issue by imposing stricter regulations on companies and increasing penalties for those who fail to take adequate precautions. Companies must also be aware that the risks of cyber attacks are not limited to the loss of data or money, but also include reputational damage, business interruption, and regulatory fines.
Check out the article: https://www.irishtimes.com/business/2022/12/26/cyber-attacks-set-to-become-uninsurable-says-zurich-chief/
