Beazley Report Shows Need for Broad Ransomware Coverage
October 27, 2016
"Beazley Report Shows Need for Broad Ransomware Coverage"
Insurance recovery partner Tyler Gerking commented on "act of war" or terrorism exclusions contained in many cyber policies. According to the article, the exclusions are another potential roadblock for companies seeking coverage for ransomware payments. "Act-of-war exclusions can vary, and sometimes they're written in a fairly vague manner in terms of what can constitute an act of war or an attack by a nongovernmental entity," said Mr. Gerking. "It may be possible to get clearer or narrower war or terrorism exclusion by more concretely defining those actions or attacks that fall within the exclusion, including by possibly using a U.S. government finding or declaration as a reference point."
Link to full article on Law360 (subscription required).