Firth Ratings Warns Quantum Computing Poses Cyber Threat to Insurers

(InvestmentExecutive) Fitch Ratings has issued a new report that says the potential for quantum computers, which could run 100 million times faster than current technology, poses a real cyber threat to insurers.
Insurers are seen as particularly rich targets for cyber attacks, Fitch says, given their access to large amounts of personal healthcare and financial data.
“The loss of data privacy would be far-reaching and could significantly disrupt cyber insurance as the costs of any breach would be significantly higher and attempts on data-rich sectors such as financial institutions would increase significantly,” it says.
“This could add significantly to challenges in addressing cyber risk, with broad economic implications across industries, including non-life (re)insurers that sell cyber insurance coverage, as well as health and life insurers as prime targets of a cyber attack,” it says.