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Cyberinsurance Exclusions For State-Backed Cyberattacks! – Security

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My good friend Judy Greenwald reported for that “Lloyd’s of London will require
standalone cyber policies to include state-backed cyberattack
exclusions beginning in March 2023, it said in a market bulletin
this week.” The August 18, 2022 article entitled “Lloyd’s requiring state-backed cyberattack
” included these comments from my friend Judy
(partner with Kennedys Law LLP in New York):

…”the big takeaway” here is that
“there’s been a lot of focus over the last few months
particularly with regard to cyber war, and the bulletin makes clear
that the focus should be on state-backed attacks, whether in the
context of war, or non-war situations.”

Also the article included comments that “Lloyd’s said
in Tuesday’s bulletin that in addition to any war exclusion,
new or renewed standalone cyber policies should”:

– Exclude losses arising from a war, whether declared or not
where the policies do not have a separate war exclusion;

– Be clear as to whether the cover excludes computer systems
that are located outside any state affected by the state-backed

-Subject to the former requirement, exclude losses arising
from state cyberattacks that significantly impair a state’s
ability to function or its security liabilities.

– Set out on a “robust” basis the parties’

– Ensure all key terms are clearly defined.

How does this impact you?

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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