“The move to limit systemic risk in the insurance market, announced last month and applicable to standalone cyber policies from the end of March, prompted warnings it would lead to legal disputes over whether certain attacks had state support while further restricting cover vital to businesses. But Patrick Tiernan, Lloyd’s chief of markets, said the institution was acting responsibly to develop a product ‘that is in its infancy and still has relatively low international penetration. Very often in the past, these sort of corrections or evolutions to policy language happen post-event . . . after everything has gone wrong,’ Tiernan told the Financial Times. ‘I think this is Lloyd’s being responsible to our customers and acting with the market.’”
Source: Lloyd’s of London defends cyber insurance exclusion for state-backed attacks | Financial Times