Pool Re, the UK government and industry backed terrorism reinsurance scheme, is planning to extend its coverage to include cyber attacks on property, says the entities Chief Executive Officer (CEO), Julian Enoizi.
Speaking to Reuters, Enoizi said “Insurance is there for the unimaginable – we’re here to insure the unforeseen,” and revealed that Pool Re has been in discussion with the UK government and the industry in order to develop and add cyber to its coverage offering within the next few months.
The majority of cyber policies available relate to data loss and not the actual attacks on property, and Pool Re sees this “as a gap in cover,” said Enoizi.
In recent times cyber attacks on property have taken place in numerous parts of the world, and Pool Re feels that it needs to be prepared for such an event.
Owing to its focus on terrorism, any cover provided by Pool Re would be limited to terror-related cyber attacks, should the UK government assess it to be an act of terrorism, Enoizi told Reuters.