Sent September 30, 2022, 6:30 amUpdated September 30, 2022 at 4:11 pm
Faced with the flaws in the cyber insurance market, major European groups have set up mutual funds dedicated to hedging attacks and other digital risks. The European aeronautical giant Airbus, the environmental specialist Veolia, the automotive supplier Michelin, Adeo (the parent company of Leroy Merlin) and Sonepar (the distributor of electrical equipment), have joined forces with the German BASF and the Belgian Solvay inside of a structure called Miris Insurance.
“Today’s cyber insurance market is volatile and short-term, with insurers unwilling to commit to their future capabilities. This is a problem because cyber risk is becoming structural and long-term as companies are all engaged in digitizing their businesses, ”explains Philippe Cotelle, director of cyber insurance and insurance risk management at Airbus Defense & Space.