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Alaric Aloor🐕🏎⚽️🥃

This might finally get the attention of boards in enterprises and even in where is sometimes missing or an afterthought especially if customers have to start bearing more of the losses from to caused by /#breaches/#hacks. The insurance industry looking at "public-private schemes" to handle "systemic" risks is very interesting 👇🏾

ft.com/content/63ea94fa-c6fc-4

"What will become uninsurable is going to be cyber," he said. "What if someone takes control of vital parts of our infrastructure, the consequences of that?" Recent attacks that have disrupted hospitals, shut down pipelines and targeted government departments have all fed concern about this expanding risk among industry executives. Focusing on the privacy risk to individuals was missing the bigger picture, Greco added: "First off, there must be a perception that this is not just data ... this is about civilisation. These people can severely disrupt our lives." Spiralling cyber losses in recent years have prompted emergency measures by the sector's underwriters to limit their exposure. As well as pushing up prices, some insurers have responded by tweaking policies so clients retain more losses.
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. He called on governments to "set up private-public schemes to handle systemic cyber risks that can't be quantified, similar to those that exist in some jurisdictions for earthquakes or terror attacks". In September, the US government called for views on whether a federal insurance response to cyber was warranted, which could be part of, or outside, its current public-private insurance programme for acts of terrorism.
Dec 28, 2022, 03:24 AM·Public
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Dante Mercurio

@alaric It might shake up the industry if we see a few claims denied due to lack of due diligence.

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