Two cyber insurance providers disclosed in a recent whitepaper the critical need for greater public sector involvement to strengthen societal resilience in the event a catastrophic cyber event occurs. The Marsh McLennan-Zurich document emphasizes the urgent need for ‘innovative’ solutions to close the gap between risk and insurance – particularly for small and medium-sized businesses that are often uninsured or underinsured, as rapidly evolving cyber threats are outpacing the capacity of traditional insurance and risk management solutions to fully mitigate them.
In a whitepaper titled ‘Closing the cyber risk protection gap,’ Marsh McLennan and Zurich Insurance Group noted that the global cost of cybercrime is projected to increase to nearly US$24 trillion by 2027, up from close to #8.5 trillion in 2022. However, this estimate does not include the cost of non-malicious events, such as those witnessed in the recent CrowdStrike outage. It also highlights mass malware and mass cloud outages as examples of cyber incidents that are currently considered insurable up to a certain level of financial loss, and events such as critical infrastructure failure, which are…
