Information and communications technology (ICT) has become an essential contributor to daily lives. However, with society’s exponentially increasing dependence on ICT come risks related to its security, integrity and failure—so called cyber risk.
Currently, cyber risk is still in its infancy but it has the power to constrain the forward momentum of technology and adversely impact the world economy. The insurance industry will play a fundamental role in addressing these risks.
Cyber risk is one of the major emerging global risks in a more digitally connected world. Conducting research into the challenges and opportunities created by digitalisation is part of The Geneva Association’s long-term strategic goal of supporting the role of insurance in the global economy.