Zurich partners with the World Economic Forum on cybersecurity

Zurich Insurance Group has announced a new partnership with the World Economic Forum’s (WEF) 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 fifth in the ranking of global risks to doing business, from eighth 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 signed the “Paris Call for Trust and Security in Cyberspace”, a charter that aims to achieve its goals through a coordinated and comprehensive effort.