Cyber risks to exceed natural disasters for insurers: Scor CEO

As hacks soar, tech honchos are the first to get fired, and then rehired (Dreamstime/TNS)

Cyber risks will soon become bigger risks than natural catastrophes for the insurance sector, Scor chairman and chief executive officer Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents. 

“I dream of a kind of Richter scale for cybersecurity,” Kessler said at a conference on cybersecurity held at the Bank of France, referring to the scale used to measure earthquakes. “It would be very helpful to have measurement and modelling tools. Unless we can model, it’s very difficult for us to provide coverage. We have scenarios but not modelling tools.”