From Lloyd’s of London to the new National Cybersecurity Strategy, the future of cyber insurance is evolving fast. What do you need to watch?
April 09, 2023 •
Dan Lohrmann
Shutterstock/PabloLagarto
One thing is clear about cyber insurance in the spring of 2023: The status quo is not sustainable.
And now, Lloyd’s of London, a major player in the global insurance market, is calling for dramatic changes in the cyber insurance market. According to The Financial Times (FT), “From next month, Lloyd’s will require the dozens of insurers that operate in the market to include exemptions that would prevent policies paying out if a major attack is judged to be ‘state-backed.’
“Exclusions for acts of war have long been a staple of policies ranging from property to motor, shielding insurers from the potentially crippling claims that a physical conflict generates. But Lloyd’s, a powerhouse in the global industry, believes war exclusions need updating for the Internet age, when cyber warfare can be government sponsored even in the absence of conventional conflict. Failure to exclude significant state-backed attacks from policies…
