Lloyd’s Moves To End ‘Silent’ Cyber Cover Risks To Insurers
Law360, London (July 5, 2019, 1:27 PM BST) -- Lloyd’s of London told insurers in its market that they must be clear on whether their products cover or exclude cyberattacks, in response to the Prudential Regulation Authority calling on the sector to safeguard against risks from “silent” policies.
The world’s biggest specialty insurance market said Thursday that all new and existing policies must either exclude cyber cover or explicitly include this type of insurance by 2021. Lloyd’s said the move will provide clarity for policyholders, brokers and its syndicates.
The action comes in response to the PRA telling insurers in January that they must plan on how they will prevent...
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