In a recent earnings call, Munich Re CEO Joachim Wenning highlighted the imperative need for governmental intervention in the face of escalating cybersecurity threats, shedding light on the limitations of private insurance in covering these risks.
He emphasised the company’s global advocacy for cyber resilience and sustainable insurance markets, citing their responsibility in addressing these issues.
Addressing concerns about the adequacy of protection against cyber risks, Wenning revealed findings from a global cybersecurity survey, stating, “87% of managers believe that they are not sufficiently protected.”
He also noted the stark reality that “less than 1% of claims in the cybersecurity area are insured,” indicating a significant gap in coverage.
Highlighting the magnitude of systemic risks such as the breakdown of critical infrastructures or cyber warfare, Wenning asserted, “The largest risks… cannot be covered by the private insurance because the potential losses far exceeded the…
