“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 have a separate war exclusion. They must also exclude losses where a state-backed attack has a catastrophic effect on the target nation and impairs its ability to function. There must also be a robust process by which parties decide attribution for attacks, according to the notice.”
Lloyd’s of London will require its insurer groups globally to exclude catastrophic state-backed hacks from stand-alone cyber insurance policies starting next year.
Source: Lloyd’s to Exclude Catastrophic Nation-Backed Cyberattacks From Insurance Coverage