Major Cyber Insurance Overhaul Begins Now

One thing is clear about cyber insurance in the spring of 2023: The status quo is not sustainable.

And now, Lloyd’s of London, a major player in the global insurance market, is calling for dramatic changes in the cyber insurance market. According to The Financial Times (FT), “From next month, Lloyd’s will require the dozens of insurers that operate in the market to include exemptions that would prevent policies paying out if a major attack is judged to be ‘state-backed.’

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Source: Government Technology