Getting to the core of the cyber ‘insurability challenge’
‘Protecting society from an unprecedented cyberattack will require more than insurance’ – there’s a stark warning to be found in the Geneva Association’s (GA) new report into the global cyber protection gap. Speaking with Insurance Business, Darren Pain (pictured), GA cyber director and author of the report – ‘Cyber Risk Accumulation: Fully tackling the insurability challenge’ – highlighted the core issue at the heart of this insurability challenge.
“A longstanding problem in the cyber world is that the economic losses associated with a major cyber incident are potentially catastrophic,” he said. “The worry for insurers and reinsurers is that, because they underwrite the cyber risks of households and firms, they may well be on the end of a concentration of tho