War Exclusions in Cyber Insurance are Centre Stage as Re/Insurers
Whilst there have been no cyber attacks of comparable scale since the invasion of Ukraine, the scope of cyber insurance, and the war exclusions issue specifically
Cyber terrorism refers to the use of digital attacks by individuals or groups to create fear or disrupt critical infrastructure. This category examines threats and incidents where hackers target computer systems to cause significant damage or chaos. These attacks can involve data breaches, system outages, or other forms of cyber disruption aimed at achieving political, ideological, or financial goals.
Cyber terrorism can target government networks, financial institutions, or public utilities, potentially leading to widespread harm. The goal is often to instill fear or exert control through the threat or actual execution of these digital assaults. Understanding cyber terrorism involves analyzing methods, motives, and impacts of these attacks, as well as exploring strategies for prevention and response.
Whilst there have been no cyber attacks of comparable scale since the invasion of Ukraine, the scope of cyber insurance, and the war exclusions issue specifically
Political Violence (Re)Insurance Risks are escalating as the world navigates a succession of crises. Economic and geopolitical shocks have dominated agendas
The cyber insurance market has seen significant changes, with the segments within the market being more distinct and nuanced than previously experienced
Given cyber crime incidents are now estimated to cost the world economy in excess of $1trn a year – around 1% of global GDP – it is no surprise that cyber risk regularly ranks
In response to uncertainty around cyber risk, insurance providers have become more selective in their underwriting through better risk selection, lower limits, cyber insurance
Cyber insurance remains a relatively immature although still-growing market in most industrialised countries. Insurance solutions by Lloyd`s