Businesses Left Exposed As Insurers Drop Cyber-Cover

Law360, London (February 10, 2020, 1:28 PM GMT) -- Many businesses could have insufficient cover in place after a regulator led a push to encourage transparency among insurers on the overlap between property and cyber-insurance, a dispute specialist warned on Monday.

Mactavish group warned that the pressure on insurers to clarify whether standard commercial property insurance also extends to losses resulting from cyberattacks means there are significant gaps in cover.

The Prudential Regulation Authority and Lloyd’s of London have urged insurers to go back through existing commercial property contracts and exorcise any potential triggers from cyberattacks. Unless they do so, those “silent cyber" clauses in standard property cover could mean that...

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