Insurers Still Exposed To 'Silent' Cyberrisk Cover, PRA Says
Law360, London (January 30, 2019, 7:05 PM GMT) -- The Prudential Regulation Authority said on Wednesday that U.K. insurance firms have more ground to cover in protecting themselves and the wider economy against exposure to cyber risks, including clarifying what their "silent" policies cover.
The PRA said insurers must review their so-called silent cyber insurance, which opens them up to the risk of accidentally covering a policyholder against cyberattacks without explicitly agreeing to. This is possible because loosely worded contracts in areas such as casualty, property and motor cover can be interpreted as insuring parties against cyber risks, exposing insurers to large, unintended costs if a claim is successful....
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