Comar Cyber

Follow Lloyd’s Example

Here's an important article about Lloyd’s of London cutting coverage for nation-state backed cyberattacks. They’ve realized that increasing numbers of cyberattacks are being launched by hostile nations or their proxies.

They’ve also likely realized that many companies have been relying on cyber insurance instead of taking minimum reasonable cybersecurity precautions like enforced password policies, timely software patching, and employee cybersecurity awareness training.

Cyberattacks deemed to be acts of war were already typically excluded, but when was the last time war was formally declared? For the US it was June 4… 1942. Against Romania.

Without getting mired in grappling with philosophical or legal definitions of acts of war, Lloyds has moved to modernize its policies to keep pace with new cyberattacks. US insurers should follow suit. Companies must now modernize their cybersecurity defenses or be left exposed.

Insurer Lloyd's slashes coverage on state-sponsored cyberattacks, reflecting battered market The limits for state-sponsored attack coverage comes at a time when nation-state activity and ransomware linked to foreign threat actors is surging.