The FINANCIAL — Zurich Insurance Group is stepping up its support for public-private efforts to combat cyber-threats by sealing a new partnership with the World Economic Forum. Zurich will become a partner of the Forum’s Global Centre for Cybersecurity, which aims to build the first global platform for governments, businesses, experts and law enforcement agencies to collaborate on cybersecurity challenges.
Cyberattacks have risen to 5th in the ranking of global risks to doing business, from 8th last year, according to a survey of executives by the World Economic Forum, in partnership with Zurich. Cyberattacks were named as the top risk in 19 countries, collectively accounting for 50 percent of global GDP.
“As the Internet evolves, cyberattacks are becoming increasingly frequent and sophisticated, and their cost to businesses is expected to be USD 8 trillion over the next five years,” said Kristof Terryn, Zurich’s Group Chief Operating Officer. “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.”
Earlier this month, Zurich demonstrated its commitment to the fight against cybercrime by signing the “Paris Call for Trust and Security in Cyberspace”. This charter aims to achieve its goals through a coordinated and comprehensive effort.
Cybersecurity and cyber insurance are at the heart of Zurich’s actions at industry think-tanks and trade associations. Zurich plays a significant role in cyber engagements with international, regional and local trade associations such as the Institute of International Finance (IIF), Insurance Europe, and the Swiss Insurance Association.
Additionally, Zurich is an active member in think-tanks such as the Geneva Association and the Centre for European Policy Studies where Zurich engages on policy development and emerging societal and regulatory issues. These engagements complement Zurich’s numerous bilateral engagements on cyber, for instance in the US, the U.K., Europe and Switzerland, including expert dialogues with the European Union Agency for Network and Information Security (ENISA) in charge of cybersecurity.