Insurers/reinsurers unprepared for silent cyber loss aggregation

Rick Welsh, chief executive of U.K.-based data and analytics firm Sciemus Ltd., has said that insurers and reinsurers are not sufficiently equipped to underwrite and model cyber exposure and lack the required capacity to address the rising threat of an aggregation of losses from “silent” cyber attacks, Artemis.bm reported. Silent cyber risks are potentially catastrophic losses that may be claimed on policies that don’t actually state whether cyber-attack is covered or excluded.

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