Cyber attacks pose a risk as big as terrorism and flooding, according to two of the world\u2019s biggest insurance groups that are calling for state support to help the industry to absorb losses.\u00a0<\/p>\n\n\n\n
Insurer Zurich and Marsh McLennan, the world\u2019s biggest insurance broker, say in a new report that cyber threats are \u201coutpacing the ability of traditional insurance and risk management approaches to fully mitigate them\u201d.\u00a0 There are \u201climits to the amount of financial loss\u201d the private sector can absorb, the report says, given the potentially huge losses that could be caused by a cyber attack on critical infrastructure. <\/p>\n\n\n\n
It proposes a number of steps to address this, including creating public-private partnerships to share losses from currently \u201cuninsurable\u201d events, such as a cyber attack that causes a widespread failure of key infrastructure.<\/p>\n\n\n\n
Read it all<\/a> (subscription).<\/p><\/p> Insurance groups urge state support for \u2018uninsurable\u2019 cyber risks https:\/\/t.co\/H2zrEsMrLY<\/a><\/p>— Finance News (@ftfinancenews) September 4, 2024<\/a><\/blockquote>