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The Marks and Spencer cyber attack and insurance pay out will be one to watch very closely. There’s allot at stake and not just for M&S, but UK industry and cyber insurance.If the figures £100m is a significant claim to put against cyber insurance. One would suspect that both sides will be looking very closely at the insurance contract and terms and lining up their legal teams. Cyber is proving to be an issue for insurers. Successful attacks are keeping pace with threats and those affected, such as Marks and Spencer. UK industry is not as well prepared to manage cybersecurity, relying mainly on cyber insurance, or self insurance as risk mitigation. Insurers are gradually realising the cyber is a significant risk to carry. It does not take to many £100million pay outs to raise questions.One would not expect the claims process to be an easy ride. There’s the obvious regulatory impact of the data breach through GDPR; the maturity of M&Ss cybersecurity; the insurance small print to content with; the perception a pay out of such an amount will have on the UK cyber insurance market and the political implications. This will be an important case to watchWould one expect the insurers to challenge the policy every step of the way, yes. Would one be looking at every aspect of M&Ss cybersecurity, its maturity, its governance, board leadership and management, yes. Would any insurer part with cash to pay a claim if they could find a reason for not paying out, when the figures are potentially so large, yes.One hopes that it’s as easy as paying out to cover the claims, but one suspects it will not be a simple as that.@Thaddeus Dziekanowski Brian D. McCarthy Faisal KhanVeritas GRC Allianz Beazley#cybersecurity #cyberriskmanagement https://lnkd.in/eSmjJ7aj
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