Lloyd’s of London defends cyber insurance exclusion for state-backed attacks
Lloyd’s of London has defended a looming requirement that cyber policies written in the insurance market have an exemption for state-backed attacks, following a backlash among brokers and academics.
The move to limit systemic risk in the insurance market, announced last month and applicable to standalone cyber policies from the end of March, prompted warnings it would lead to legal disputes over whether certain attacks had state support while further restricting cover vital to businesses.
But Patrick Tiernan, Lloyd’s chief of markets, said the institution was acting responsibly to develop a product “that is in its infancy and still has relatively low international penetration”.
This story originally appeared on: Financial Times - Author:Ian Smith
