Taking a leading role in building cybersecurity

Tuesday, November 27, 2018

Press release by Zurich Insurance Group

November 27, 2018

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Zurich strengthens its contribution to public-private efforts on cybersecurity by becoming a partner of the World Economic Forum's Global Centre for Cybersecurity. The move builds on Zurich's record of actively contributing to the fight against cyber threats.

Zurich Insurance Group (Zurich) is stepping up its support for public-private efforts to combat cyber-threats by sealing a new partnership with the World Economic Forum (Forum). Zurich will become a partner of the Forum's Global Centre for Cybersecurity, which aims to build the first global platform for governments, businesses, experts and law enforcement agencies to collaborate on cybersecurity challenges.

Cyberattacks have risen to 5th in the ranking of global risks to doing business, from 8th last year, according to a survey of executives by the World Economic Forum, in partnership with Zurich. Cyberattacks were named as the top risk in 19 countries, collectively accounting for 50 percent of global GDP.

"As the Internet evolves, cyberattacks are becoming increasingly frequent and sophisticated, and their cost to businesses is expected to be USD 8 trillion over the next five years," said Kristof Terryn, Zurich's Group Chief Operating Officer. "Every day we need to protect our customers and ourselves from cyber risks. Governments, the private sector and civil society must work closely together to strengthen trust in the digital world, and to safeguard the fragile integrity and reliability of cyberspace."

"Cybercriminals are wholeheartedly embracing globalization and the technological advances of the Fourth Industrial Revolution. Their thinking and actions know no borders. At the same time, the global community is struggling to agree on a new architecture to govern and shape cyberspace. The Centre for Cybersecurity and its partners are dedicated to tackle the growing risks for cybersecurity," said Troels Oerting Jorgensen, Head of the Centre for Cybersecurity.

Earlier this month, Zurich demonstrated its commitment to the fight against cybercrime by signing the "Paris Call for Trust and Security in Cyberspace". This charter aims to achieve its goals through a coordinated and comprehensive effort.

Cybersecurity and cyber insurance are at the heart of Zurich's actions at industry think-tanks and trade associations. Zurich plays a significant role in cyber engagements with international, regional and local trade associations such as the Institute of International Finance (IIF), Insurance Europe, and the Swiss Insurance Association. Additionally, Zurich is an active member in think-tanks such as the Geneva Association and the Centre for European Policy Studies where Zurich engages on policy development and emerging societal and regulatory issues. These engagements complement Zurich's numerous bilateral engagements on cyber, for instance in the US, the U.K., Europe and Switzerland, including expert dialogues with the European Union Agency for Network and Information Security (ENISA) in charge of cybersecurity.

Further information

Follow the World Economic Forum's Global Centre for Cybersecurity on Twitter via @WEFCybersec.