A Financial Times report (here) says major cyber insurance buyers are pushing back against Lloyd’s moves to exclude “state-backed” cyber attacks from coverage. Financial services companies are among those most concerned.
It appears Lloyd’s is looking for ways to address the concerns.
“Lloyd’s said it was not demanding ‘a blanket exclusion but a segregation of risks in a fast maturing area of insurance’. There were a ‘number of teams of underwriters’ that were developing add-on policies that could cover state-backed attacks, it added.”
Will that be anywhere close to enough given the massive financial risks at play?