North-South Korea Tensions, Cyber Threats Worry Insurers of Olympics

If South Korea’s Winter Olympics go off without a hitch this month, organizers will not be alone in toasting success. Their insurers will also be celebrating a tidy profit.

The Games are being staged about two hours’ drive from one of the world’s most heavily militarized borders, in a host country that is technically at war with its neighbor and with teams that include two nations — the United States and North Korea — which have swapped nuclear threats.

There are also concerns among Olympic organizers and sponsors that the Games, at the ski resort of Pyeongchang, could become a target of cyber hacking, a threat that could disrupt competition in the event of a major cyber attack.

The International Olympic Committee (IOC) takes out protection for around $800 million at each Games, which covers the vast majority of the roughly $1 billion investment it makes in each of the host cities.

The

... read more at: https://www.insurancejournal.com/news/national/2018/02/09/480054.htm

by