Russian cyber war seen to pose threat to insurers

March 2, 2022 – Published on BusinessWorld

Russian digital warfare against Ukraine and potentially other nations as part of its invasion is prodding cyber insurers to beef up language protecting them against losses, and has left policyholders uncertain about the extent of their coverage.

Insurers, still dealing with the fallout from an infamous hack in 2017, have ramped up efforts to refine policies and spell out exactly what does and doesn’t get covered in the event of a retaliatory attack by Russia for sanctions and other actions imposed by the US and its allies. Cyber coverage is a relatively young industry, and lacks defined standards of accountability. 

“Carriers are just going to be making more updates to their policies and further outlining very specific things that will or will not be covered because I think they’ve been bleeding cash for the last couple of years,” said Mark Lance, senior director of cyber defense at GuidePoint Security.

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