Lloyd’s of London instructs its insurers to stop coverage for nation state cyberattacks, in its cyber insurance policies
Insurance protections for organisations against cyberattacks is to undergo a major shakeup, after an announcement from the world’s leading underwriter.
Lloyd’s of London in a market bulletin told its insurers they will be required to stop covering nation state-backed cyberattacks in their standard cyber insurance policies.
It comes after many organisations over the years opted (against professional cyber advice), to pay hackers huge sums of money and claim on their cyber insurance policies, after experiencing a ‘cyber security incident’.
Insurance cover
The question remains however is how many organisations actually experience a cyberattack from a hostile nation state or state actors, and not a cyber criminal gang, which are sometimes affiliated to hostile governments.
And the change will mean that the accurate identification of hackers will become even more important going forward.
Lloyd’s of London in its market bulletin…
