A joint taskforce on cyber terrorism and cyber warfare has been formed by the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) and the Geneva Association (GA).
Unveiled at yesterday’s IFTRIP international conference in Brussels, the special-purpose taskforce aims to conduct research on cyber terrorism risks across the (re)insurance industry. Initial findings are slated to be published middle of next year.
The taskforce will be under the leadership of GA cyber director Dr Rachel Anne Carter. She will be supported by Pool Re chief executive Julian Enoizi and IFTRIP president Dr Christopher Wallace, who is CEO of the Australian Reinsurance Pool Corporation.
“An enhanced understanding of cyber terrorism risks will enable the insurance industry to promote sustainable cyber underwriting and assess the potential exposure the insurance market faces,” said Carter.
“IFTRIP has unparalleled knowledge on the development of terrorism or warfare into the cyber domain. We are excited to work closely with the IFTRIP team, using their expertise to help the industry make better-informed decisions.”
Commenting on the creation of the taskforce, Enoizi noted: “In today’s rapidly evolving cyber terrorism landscape, it is crucial to understand what the private insurance market can cover on a commercial basis, as well as areas where appetite is limited or that pose an aggregate risk too large for the industry.
“The GA and IFTRIP taskforce is a great opportunity for the insurance industry to work with pools, to share perspectives, and to promote better understanding of risks.”
