Sergio P. Ermotti, Chairman of the Board of Directors, has stressed that, while insurance go some way towards mitigating the impact of cyber risks, it “is not the sole solution” to cyber resilience.
Nowadays, cyber operations also form a critical part of any conflict, ranging from classic espionage to disrupting critical infrastructures and military operations, psychological warfare, and misinformation, Ermotti notes.
“Already the sharp increase in cyberattacks in recent years has brought to light two facts that many people were previously unaware of or at least strongly underestimated,” he explained in a recent blog for Swiss Re.
“First, the business world is highly interconnected. And second, the digitalization of business processes is already so advanced that many companies cannot function when data or their systems are not available.”
In the current world of heightened cyber risks, insurance alone is not enough for businesses to be considered…
