Cyber Insurance Best Practices

As Lloyd’s Refuses to Cover National-State Attacks, Survey Reports High Levels of Such Cyberattacks 

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“New research released this week revealed that 64% of security decision-makers across the US, UK, France, Germany, Belgium, Netherlands and Australia suspect their organization has been directly targeted by a nation-state cyberattack. With nation-state attacks on the rise and insurance coverage narrowing, enterprises will need to review their policies to ensure they’re not left exposed to … Read more

The Other Shoe Drops: Lloyd’s to Exclude Catastrophic State-Sponsored Cyberattacks From Coverage

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“As of March 31, when coverage begins or is renewed, syndicates must exclude state-backed cyberattacks from policies that protect against physical and digital damage caused by hacks, Underwriting Director Tony Chaudhry said…At a minimum, Mr. Chaudhry said, policies must contain clauses that exclude losses arising from a war, declared or otherwise, where the policy doesn’t … Read more

Company Learns the Hard Way that Cyber Insurers May Not Count Social Engineering Attacks As “Computer Fraud” 

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“When SJ filed its claim with Travelers, the court noted, it did so only under the social engineering fraud agreement. After realizing the policy limit on computer fraud was 10 times higher, ‘SJ Computers then made a series of arguments – ranging from creative to desperate – to try to persuade Travelers that its loss … Read more

This Brings a New Element to Car Insurance — Cyber Attacks on “Connected Cars” Surge 

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“(T)he rise of smart, connective technology in vehicles has also exposed new weaknesses that hackers can exploit. A report by Upstream Security revealed that automotive cyber security incidents spiked 225% from 2018 to 2021. The majority (85%) of global attacks were conducted remotely.” Source: Automotive hacking – the cyber risk auto insurers must consider | … Read more

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