Fintech Security

Cyberinsurance Exclusions For State-Backed Cyberattacks! – Security


To print this article, all you need is to be registered or login on Mondaq.com.

My good friend Judy Greenwald reported for
BusinessInsurance.com 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
exclusions
” included these comments from my friend Judy
Shelby
(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
cyberattack;

-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’
agreement;

– 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.

POPULAR ARTICLES ON: Technology from United States

Source link

Leave a Reply

Your email address will not be published.