Many Lloyd’s contracts inadequate on cyber wording
Wednesday, 07 20 2016, Category: Technology, Country: United Kingdom
An analysis of almost 400 reinsurance contracts underwritten at Lloyd’s of London has proven that there could be potentially significant vulnerabilities and exposures if a catastrophic cyber-attack was to occur.
The survey of 392 property and casualty reinsurance policies underwritten by three reinsurers at Lloyd’s, proved that at least 40 percent did not contain standard cyber exclusion in the wording, where one of the reinsurers examined not referring to cyber terms at all in 68 percent of cases.
Source: Intelligent Insurer