The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) and the Geneva Association (GA) are launching a joint task force on cyber terrorism and cyber warfare.
The special-purpose task force aims to conduct research on cyber terrorism risks across the (re)insurance industry. The task force will be led by Dr Rachel Anne Carter, cyber director at the GA, supported by Julian Enoizi, CEO of Pool Re and Dr Christopher Wallace, CEO of Australian Reinsurance Pool Corporation and President of IFTRIP.
The launch of this task force was announced at the IFTRIP 2019 International Conference in Brussels, Belgium. Its initial findings are expected to be published mid-2020.
Dr Carter said: “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. 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.”
Mr Enoizi added: “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 task force is a great opportunity for the insurance industry to work with pools, to share perspectives and to promote better understanding of risks.”