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Zurich Insurance joins global cybersecurity hub

Global cybersecurity

Zurich Insurance Group Ltd. will become a partner of the Geneva-based World Economic Forum’s Global Centre for Cybersecurity, Zurich announced Tuesday.

The center, which was formed earlier this year, aims to build the first global platform for governments, businesses, experts and law enforcement agencies to collaborate on cybersecurity challenges. According to a survey of executives by the forum, cyberattacks have risen to fifth place in the ranking of global risks to doing business, up from eighth last year.

Other large insurers such as American International Group Inc., Allianz SE, Axa SA and Assicurazioni Generali SpA are already members, along with industry firms including Marsh & McLennan Cos. Inc. and Swiss Re Ltd.

“As the Internet evolves, cyberattacks are becoming increasingly frequent and sophisticated, and their cost to businesses is expected to be $8 trillion over the next five years,” said Kristof Terryn, Zurich’s group chief operating officer, in a statement announcing the partnership. “Every day we need to protect our customers and ourselves from cyber risks. Governments, the private sector and civil society must work closely together to strengthen trust in the digital world, and to safeguard the fragile integrity and reliability of cyberspace.”

“Cyber criminals are wholeheartedly embracing globalization and the technological advances of the Fourth Industrial Revolution,” said Troels Oerting Jorgensen, head of the Centre for Cybersecurity, in the statement. “Their thinking and actions know no borders. At the same time, the global community is struggling to agree on a new architecture to govern and shape cyberspace. The Centre for Cybersecurity and its partners are dedicated to tackle the growing risks for cybersecurity.”





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