The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) has collaborated with the Geneva Association (GA) on the launch of a joint task force on cyber terrorism and cyber warfare.
The launch of this new task force was announced at the IFTRIP 2019 International Conference in Brussels, Belgium. The initial findings are expected to be published in the middle of next year.
The role of the special-purpose task force is to conduct research on cyber terrorism across the insurance and reinsurance space. Dr. Rachel Anne Carter, cyber director at the GA, will lead the task force and will be supported by Julian Enoizi, Chief Executive Officer (CEO) of Pool Re and also Dr. Christopher Wallace, CEO of Australian Reinsurance Pool Corporation and President of IFTRIP.
“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,” said Carter.
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.”