Zurich chief states cyber attacks are due to become uninsurable.

In an article from the Financial Times regarding the current state of cyber attacks from an insurance viewpoint, Zurich chief executive Mario Greco discussed how cyber attacks are set to become uninsurable.

Mario Greco stated that “What if someone takes control of vital parts of our infrastructure, the consequences of that?”. It was further stressed that it’s not just data being obtained that is the issue, hackers now direct attacks towards travel and hospitals, creating mass disruptions that have catastrophic effects to civilisation.

More can be read here https://www.ft.com/content/63ea94fa-c6fc-449f-b2b8-ea29cc83637d

Only two weeks after that article was published, Zurich themselves suffered a cyber attack. Zurich’s Japanese subsidiary had sensitive customer data stolen and subsequently it appeared on hacker forums for download. 2.6 million customers were affected in the leak which saw names, email addresses, customer IDs and dates of birth available to download.

More can be read here https://www.finews.com/news/english-news/55208-zurich-insurance-suffers-hacker-attack

In the span of a few weeks, Zurich became the victim of the one thing they were trying to warn everybody about, the increase in cyber attacks and the long-term effects it has. This kind of data leak can lead to a massive drop in customers, seeing your data become compromised would not be reassuring that the company you trusted it with couldn’t protect it.

What happened with Zurich should have you asking yourself…

Am I correctly protected from a cyber attack?

Am I able to recover should I fall victim to a cyber attack?

Backup Systems offers a variety of ways to backup your systems and prevent data loss, with the rise in cyber attacks it’s now more important than ever to ensure you’re doing what you can to protect yourself.

visit our managed services to find out more!

Photo by Daniel Lawrence and Brett Sayles