The chief executive of insurance giant Zurich, Mario Greco, warns that cyber attacks, rather than natural catastrophes, will become uninsurable.
The attacks are becoming even more frequent and the damage they are causing continues to grow.
“What will become uninsurable is going to be cyber,” Mario Greco told the Financial Times. “What if someone takes control of vital parts of our infrastructure, the consequences of that?”
“First off, there must be a perception that this is not just data … this is about civilisation. These people can severely disrupt our lives.” he added.
Cyber attacks targeting critical infrastructures, such as hospitals, pipelines, and electric grids, could block their operations and cause extensive damage.