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U.S and EU cyber regulation may actually go in the favour of Lloyds. Failure to meet regulatory commitments will impact cyber claims, albeit in the short term exclusions will get challenged in court.
Given the low maturity of the cyber insurance market, the inability for most organisations to transfer the risk, CISO legal accountability for cyber and the increase in cyber regulation. One expects cyber insurance has got a lot more growing up to do than the insurers realise.
But doing nothing may go in cyber insurers favour, regulation is pushing cyber into the board room and failing to meet regulatory commitments can be challenged in court. Demonstrated by the EUs NIS 2.0 and DORA published last week and creating an issue for boards.
Ted Dziekanowski Gerry Kennedy Rogan Dwyer
#cyberinsurance #cybersecurity #cyberrisk #theaugustagroup
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