Insurers Pen Cyberattack Shield To Avoid 'Silent' Exposure
Law360, London (June 6, 2019, 6:37 PM BST) -- City insurers have drafted language shielding themselves from accidentally making massive payouts from cyberattacks after the Prudential Regulation Authority said it was alarmed they could be left exposed by the growth in online crime.
The International Underwriting Association of London on Tuesday published two cyber exclusions intended to protect insurers from accidentally covering a policyholder hit by a cyberattack when they had not explicitly agreed to do so.
The trade group, which represents companies in the City's insurance market, said the exclusions will help mollify concerns that insurers were silently covering cyber risks in legacy, loosely worded contracts intended to cover general...
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