Kessler said the sector needs to coordinate and also to partner with authorities "to build databases and a taxonomy to share information," or a common vocabulary for policymakers and companies to use in assessing cyber-related impact on the financial or industrial sector. (Photo: Shutterstock)
(Bloomberg) — Cyber risks will soon become bigger risks than natural catastrophes for the insurance sector, Scor Chairman and CEO Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents.
"I dream of a kind of Richter scale for cybersecurity," Kessler said at a conference on cybersecurity held at the Bank of France, referring to the scale used to measure earthquakes. "It would be very helpful to have measurement and modeling tools. Unless we can model, it's very difficult for us to provide coverage. We have scenarios but not modeling tools."
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