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Cyber insurers could potentially be looking at large claims due to the Ukraine-Russia war. While ‘some’ cyber insurance precedents have been set recently following the Merck Not Petya hack, it may not be enough to prevent claims disputes between the insured and insurer if a cyber conflict ensues during the Ukraine Russia war. A significant challenge will be determining the source of an attack and ambiguity in cyber insurance policies, that may not have kept pace with cyber-risk.
A further challenge that could arise for the insurance industry is the impact of ‘silent cyber’. If the electricity grid is knocked off for several days due to a cyber attack, the consequential losses will mount significantly. At a time when the cyber insurance industry is reporting losses, rising premiums and reduced coverage.
In anticipation of cyber attacks the US government is taking the threats seriously. Issuing its ‘Shields up’ program in anticipation of cyber attacks from Russia, preparing US companies and society for the potential disruption that cyber could cause. One hopes that we remember ‘mutually assured destruction’ applies to cyber. With the fragility of everyone’s cybersecurity, once one side starts, it may not end well.
Has war been formally declared by the Russians or Ukrainians?
https://lnkd.in/dGFVVjCi
Ted Dziekanowski
#cyberinsurance #cyberriskmanagement #cybersecuirty #defence #defense #insurance
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