One Article Review
| Source |  CSO |
|---|---|
| Identifiant | 6472552 |
| Date de publication | 2022-08-22 06:06:00 (vue: 2022-08-22 14:05:42) |
| Titre | Lloyd\'s of London to exclude state-backed attacks from cyber insurance policies |
| Texte | Insurance marketplace Lloyd's of London is set to introduce cyber insurance exclusions to coverage for “catastrophic” state-backed attacks from 2023. In a market bulletin published on August 16, 2022, Lloyd's stated that whilst it “remains strongly supportive of the writing of cyberattack cover” it recognizes that “cyber-related business continues to be an evolving risk.” Therefore, the company will require all its insurer groups to apply a suitable clause excluding liability for losses arising from any state-backed cyberattack in accordance with several requirements. The move is reflective of a maturing and quickly evolving cyber insurance market.Nation-state attacks pose systemic risk to insurers In its bulletin, Lloyd's of London wrote that it consistently emphasizes that underwriters need to be clear in their wordings as to the cover they are providing, with clarity surrounding cyberattacks involving state-backed actors of particular importance. “When writing cyberattack risks, underwriters need to take account of the possibility that state-backed attacks may occur outside of a war involving physical force. The damage that these attacks can cause and their ability to spread creates a similar systemic risk to insurers.”To read this article in full, please click here |
| Envoyé | Oui |
| Condensat | 2022 2023 ability accordance account actors all any apply are arising article attacks august backed bulletin business can cause clarity clause clear click company consistently continues cover coverage cover” creates cyber cyberattack cyberattacks damage emphasizes evolving exclude excluding exclusions force from full groups here importance insurance insurer insurers introduce involving its liability lloyd london losses market marketplace maturing may move nation need occur outside particular physical please policies pose possibility providing published quickly read recognizes reflective related require requirements risk risks set several similar spread state stated strongly suitable supportive surrounding systemic take therefore these underwriters war whilst will wordings writing wrote “catastrophic” “cyber “remains “when ”to |
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