If you’re a business owner will you even be able to get cyber insurance or cyber liability insurance in the future?
A very troubling quote from Zurich Insurance, their CEO was quoted by saying “cyber attacks will be uninsurable”. Meaning that there won’t be any amount of insurance you can get for this. Most commercial liability insurance policies have exclusions for war, nuclear war, or other types of major events. They may start to consider cyber attacks as being uninsurable but the future is unknown.
Now the good news is: what they mean by this is large-scale catastrophic worldwide events. Not just a specific attack on your business. It does paint the picture that the scope and scale of losses from cyber attacks may not be able to be quantified by insurance companies. They might not be able to offer the same kind of coverage that you might get in other types of policies. Something to think about.
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