Cyber attacks: a tough risk to cover

A study published by the Geneva Association entitled "Cyber Risk Accumulation: Fully tackling the insurability challenge" suggests that the international context of geopolitical tensions and the growing use of digital technologies are exacerbating cyber risks.

The number of cyber attacks in 2022 climbed by 38% in one year, leading to ever-increasing costs for the global economy.

Although cyber insurance has been steadily growing in recent years, it is still faced with a significant capacity shortfall. As a result, cyber market players won't be able to take on this risk on their own.

The Geneva association is therefore proposing the establishment of public/private partnerships between insurers, reinsurers, technology providers, governments and other players, to help create a strong, broad and sustainable cyber insurance market.