Biba 2021: Unintended consequences from silent cyber 'knee jerk' reaction
The clampdown on silent cyber exposure has had unintended consequences for customers with some alterations too “broad brush”, according to Axa UK managing director, underwriting and technical services David Williams.
Insurers have embarked on a silent cyber crackdown since a January 2019 Prudential Regulation Authority letter that warned that they must do more to understand and eradicate the risk, which occurs where policies may inadvertently provide cover for cyber losses.
Following this regulatory pressure, Lloyd’s mandated that from January 2020 its market participants must ensure that first-party property damage policies either state that they exclude cyber losses or declare that they are covered.
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