As the market for cybersecurity insurance evolves and matures, insurance giant Lloyd’s of London is preparing to exclude most nation-state attacks from its coverage policies. In the wake of such changes, organizations are reassessing their cyber insurance strategies.
While the Lloyd’s announcement does not explicitly exclude all nation-state or nation-inspired cyberattacks, it does solidify some definitions around what is and is not covered.
“This guidance will now be trickling down into cyber insurance policy providers’ wordings,” explains Chris Denbigh-White, security strategist at Next DLP.
Organizations must figure out what policies offer the best value and coverage, and look into other risk treatment measures, if they wish to understand the risks that cyber insurance cannot address, he says.
Self-insuring may allow companies to tailor their insurance coverage and costs more carefully.
