EIOPA has published a supervisory statement on non-affirmative
cyber (or 'silent cyber') risks.
Silent cyber risk refers to instances where cyber coverage is
neither explicitly included nor excluded in an insurance policy. If
a cyber event materialises, this can lead to significant and
unexpected losses across lines of business, ultimately leading to
time-consuming, expensive, and unpredictable litigation.
As experienced with business interruption claims following the
pandemic, denial of claims in case of uncertainty in coverage may
lead to lengthy court cases, significant losses for the sector or a
loss of confidence from policyholders.
EIOPA recommends that national competent authorities, such as
the Central Bank of Ireland:
