Cyber risks will soon become uninsurable

According to Mario Greco, CEO of Zurich Insurance, cyber risks will become uninsurable as hacking attempts are on the rise.

Following recent attacks on hospitals, government departments, businesses and transportation or energy infrastructure, insurers have become increasingly reluctant to cover cyber risks and are now taking emergency measures to reduce their exposure.

In addition to rising prices, some insurance companies have modified their policy clauses and reduced capacity to avoid absorbing some of their customers' losses due to a cyber attack.

Greco urged governments to set up private-public programs for non-quantifiable systemic cyber risks, similar to those that exist in some countries to cover earthquake and terrorism risks.