New Geneva Association and IFTRIP task force to address emerging cyber terror risks

The International Forum of Terrorism Risk Reinsurance and Insurance Pools (IFTRIP) and the insurance industry think tank Geneva Association (GA) are launching a joint task force on cyber terrorism and cyber warfare.

The special-purpose task force aims to conduct research on cyber terrorism risks across the re/insurance industry. Its initial findings are expected to be published mid-2020.

It will be led by Rachel Anne Carter, cyber director at the GA, supported by Julian Enoizi, CEO of Pool Re and Christopher Wallace, CEO of Australian Reinsurance Pool Corporation and president of IFTRIP.

Carter said: “An enhanced understanding of cyber terrorism risks will enable the insurance industry to promote sustainable cyber underwriting and assess the potential exposure the insurance market faces. IFTRIP has unparalleled knowledge on the development of terrorism or warfare into the cyber domain. We are excited to work closely with the IFTRIP team, using their expertise to help the industry make better informed decisions.”

Enoizi added: “In today’s rapidly evolving cyber terrorism landscape, it is crucial to understand what the private insurance market can cover on a commercial basis, as well as areas where appetite is limited or that pose an aggregate risk too large for the industry. The GA and IFTRIP task force is a great opportunity for the insurance industry to work with pools, to share perspectives and to promote better understanding of risks.”

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