Yes, says a senior Alphabet executive. [Paywall may apply] “Some carriers, wary of the claims they could face if providers suffer a sustained outage due to a hack, have started to exclude or limit coverage for cloud companies, said Monica Shokrai, head of business risk and insurance for Alphabet Inc.’s Google Cloud unit. The move creates gaps that could prove dangerous for companies that use cloud services, she said.
‘You’re leaving insurance buyers—but also just companies in general—exposed to risk that they have no other way to mitigate or transfer,’ Ms. Shokrai said.”
Shokrai’s comments come in an article on potential federal backstops to cyber insurance.
Catastrophic hacks that overwhelm insurers may require the government to step in, the White House said, pledging to assess how it might construct a backstop under the Biden administration’s National Cybersecurity Strategy.
Source: U.S. Government to Explore Cyber Insurance Backstop