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As the rating agencies, regulators and investors wake up to the magnitude of the threat posed by silent cyber risk, re/insurers must get their act together and tackle this large and infinitely complex risk head-on. Intelligent Insurer reports.
“It is only a matter of time before the Chinese or the Russians decide to take down a major energy grid or cloud server, or hit a major city or even a whole country. That is when the true fallout from cyber risk will become apparent to the industry and we will understand just how exposed we all are to this threat.”
That is how one Bermuda-based re/insurance executive describes the threat of so-called ‘silent’ cyber risk, a menace now very close to topping the list of industry concerns.
It is a big talking point in executive forums from Bermuda to London to Singapore, and it might be described as the elephant in the room—but that would imply everyone is ignoring it. The reality is that the industry can see the threat, but tackling it is not easy.
Cyber Risk, Cyber Attacks, Munich Re, Willis Re, Fitch, AM Best, Insurance, Reinsurance, Jurgen Reinhart, Mark Synnott, NotPetya, WannaCry, Global