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Brace for impact. One wonders about the effect of cyber insurance exclusion clauses in the event of war. The challenge with cyber, in a war situation, is that cyber risk is pushed back into the boardroom if war exclusion clauses may take effect.
The bottom line for policyholders is to check:
1. Whether your war exclusion clause has been updated post-NotPetya to include or exclude state-sponsored cyber operations explicitly.
2. Whether your policy uses LMA (Lloyd’s Market Association) or ICISA clauses, which were updated in 2023 specifically to address this grey area.
3. Whether you have a standalone cyber policy vs. cyber coverage bundled into property/casualty, as the exclusion language can differ significantly.
Banks have been warned to be prepared for cyber attacks – https://lnkd.in/e7EWcKBQ
Organisations need to be careful. Risk transfer in the event of a war situation passes cyber risk back into the boardroom if insurance policy war exclusion clauses are triggered.
@Thaddeus Dziekanowski Brian D. McCarthy
@Parava Security Solutions
#cybersecurity #cyberinsurance
https://lnkd.in/ecSsb5di
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