Expert: Uninsurable cyberattacks imminent

Zurich Insurance Group CEO Mario Greco said in an interview with the Financial Times that cybersecurity risks could soon become uninsurable, taking the place of climate change, pandemics, and other natural disasters, as the costs of cyberattacks are expected to significantly increase, TechSpot reports. Greco suggests that cyberattacks can become more than just simple data breaches because cybercriminals, black-hat hackers, and state-sponsored techno-spies can severely disrupt our lives. Increasing cybercriminal activities prompted insurance companies to adapt to changes in the insurance business. They are now putting in an effort to limit the amount of money paid to their clients. Insurance costs have increased, while policies have been changed so clients pay more, but get less. Greco suggested establishing a private-public system that would absorb and handle systemic risks, which must be treated like terror attacks or earthquakes in terms of insurance costs for private companies, so insurance companies can continue doing business with technology and private companies.