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Pool Re, Britain's $7.3 billion terrorism reinsurance fund hopes to extend its coverage to include cyber threats on property. The fund is backed by both the UK government and the insurance industry, and acts as a backstop to insurers paying out claims on property damage and business interruption.
In 2002, Pool Re extended its cover to include chemical and biological attacks after the 9/11 attacks in the United States. There have been several cyber attacks on property in recent years. In 2014, a German steel mill suffered damage to the plant's network from a cyber attack. Enoizi told Reuters that this and other incidents had been ruled out as terror attacks, but Pool Re needed to be prepared. "Insurance is there for the unimaginable - we're here to insure the unforeseen," he said. The fund has held discussions with the government and industry, and it hopes to add cyber to its coverage in the next few months, he added. Enoizi said any increase in the premium costs to businesses for adding this cover would be accompanied by discounts for implementing government-approved cyber security policies.
http://mobile.reuters.com/article/idUSKBN16H239?feedType=RSS&feedName=internetNews
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