The Lloyd’s Market Association (the “LMA”) recently released four model clauses to exclude coverage for “war” from cyber insurance policies. The exclusions align with the requirement that all insurance policies written at Lloyd’s must exclude losses caused by war. Given the insurance industry’s weakening appetite for cyber risks, the issue for insureds is the extent
NYDFS Publishes Cyber Insurance Risk Framework, Warns of Silent Cyber
The New York Department of Financial Services (DFS) has issued a Cyber Insurance Risk Framework (the “Framework”) of best practices for carriers. The first of its kind, the Framework tells carriers to establish formal strategies for measuring and managing cyber risks. It applies to all insurance carriers — not only those who write