Reuters reported that “Lloyd’s of London wants all
insurance and reinsurance policies to clearly state whether
coverage will be provided for losses caused by a cyber attack,
saying this was in the best interest of both brokers and
customers.” The July 4, 2019 article entitled
“Lloyd's of London calls for cyber cover
clarity in insurance policies” included these
comments:
Lloyd’s, the insurance market which covers risks from
oil rigs to soccer stars’ legs, said all policies must
provide clarity on cyber insurance by either excluding or
definitely providing cover.
Lloyd’s action follows on from a recommendation by
Britain’s financial watchdog the Prudential Regulation
Authority which wrote to insurers in January saying they should
have plans to reduce the unintended exposure which could be caused
by unclear cyber cover.
