Biba 2021: Unintended consequences from silent cyber 'knee jerk' reaction

Insurance Age staff
12 May 2021

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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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