Insurers warn cyber attacks could overwhelm sector

A state-sponsored cyber attack could cause economic damage on a scale equal to Covid-19, overwhelming the insurance industry and requiring the Government to step in to cover the losses, the chairman of Lloyd’s of London has warned. Bruce Carnegie-Brown said it would be a good idea for any government-backed programme to address future pandemic risk to include a mechanism to deal with rare but catastrophic events such as a large cyber attack. He said: “The cyber insurance market is rel