Marsh McLennan and Zurich urge public-private action to close cybersecurity gap and increase resilience

A new whitepaper from Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in risk, strategy and people, and Zurich Insurance Group (SWX: ZURN), a leading global multi-line insurer and provider of resilience services, highlights the urgent need for greater public sector involvement to strengthen society’s resilience in the event of a catastrophic cyber incident.

The whitepaper, Closing the cyber risk protection gaphighlights the urgent need for innovative solutions to bridge the gap between risk and insurance, particularly for small and medium-sized businesses that are often uninsured or underinsured, as rapidly evolving cyber threats outpace the capacity of traditional insurance and risk management solutions to fully mitigate them. It highlights mass malware and mass cloud outages as examples of cyber incidents that are currently considered insurable up to a certain level of financial loss, and events such as critical infrastructure failure, which are generally considered uninsurable.