Analysis

Briefing: Has Lloyd’s really banned underwriters from insuring state-backed cyber attacks?

By 2023-06-02T08:30:00

Lloyds view up

Attribution, degree of damage and the insured’s ability to bounce back are all challenges that cyber insurers must continue to wrestle with

By Yiannis Kotoulas

Back in summer last year (16 August 2022), the world’s premier insurance marketplace and biggest provider of cyber insurance made a move that shocked some players in the market.

In a bulletin, Lloyd’s of London told its underwriters that, from 31 March 2023 and at the inception or renewal of each policy, they would be required to include exclusion clauses for particularly serious state-backed cyber attacks within standalone cyber policies.

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