4 Insurance Takeaways From Lloyd's Cyberattack Report
July 13, 2015
"4 Insurance Takeaways From Lloyd's Cyberattack Report"
Insurance market Lloyd's of London co-wrote a report predicting that a major cyberattack on the East Coast could trigger $70 billion in insurance claims, highlighting potentially glaring deficiencies in traditional and cyber-specific policies. Farella Braun + Martel's Tyler Gerking comments on how coverages other than cyber are implicated in various types of cyber events. He said, "What comes through loud and clear in this report is that, while cyberinsurance would be implicated for certain insureds in this type of event, others would be looking to a property policy or general liability/D&O policy." He also cautioned policyholders to keep an eye on their policies at renewal time as insurance companies grapple with these risks. "They may see new language or exclusions," he said. "As insurers gain more information, premiums and sublimits may be affected."
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