Lloyd's to exclude certain nation-state attacks from cyber insurance policies

Lloyd's of London insurance policies will stop covering losses from certain nation-state cyber attacks and those that happen during wars, beginning in seven months' time. In a memo sent to the company's 76-plus insurance syndicates, underwriting director Tony Chaudhry said Lloyd's remains "strongly supportive" of cyber attack …

[Kevin McMurtrie]

Logic

I wonder if an insurance company has ever declared war against a customer wanting payment?

[Ken Moorhouse]

Perhaps they are annoyed...

...at all these companies saying they were attacked by a Nation-State without evidence.

Cue increase in reports saying "we were hacked by a teenager operating from his/her bedroom."

[katrinab]

Re: Perhaps they are annoyed...

A teenager operating from their bedroom would be a much greater threat than government IT contractor.

[Anonymous Coward]

Put some skin in the game

Save the lawyer fees and just sell policies with a payout limit per year.

If companies have some skin in the game, you might see better security, and perhaps even a movement to disconnect crypto as a legal currency.

[katrinab]

Re: Put some skin in the game

Most policies do have a payout limit. For example if you look at the small print on your car insurance, you might find it has a payout limit of about £20m. So, for example, if there had been a train on the platform with lots of passengers in it when that A40 maniac crashed through the Tesla garage into Park Royal station, then the insurance likely wouldn't have covered the full cost.