For all those companies who are planning to renew their cyber insurance policy or are in a procedure to take one, here’s a piece of information that might interest you. Most of the Cyber Insurance companies have excluded ‘Cyber War’ consequences from their policies. And the term shall come into effect an immediate note, with no further delay.
Some companies, such as Lloyd’s London, have also mandated their customers that most of their policies will fall void if their IT infrastructure falls prey to a cyber attack started by an adversary nation.
The decision comes when nations like Russia are intending to wage hybrid wars on neighboring country Ukraine because of some geopolitical differences.
Cybersecurity Insiders has learnt that most of the companies covered under the insurance policy were informed by their insurers that they need to pay extra before their infrastructure becomes a target of a nation funded cyber attack. Such as the 2017 NotPetya Ransomware attack- launched intension fully on Ukraine; but spread its tentacles to other companies operating across the world, thus globally disrupting over 250,000 computers operating on Microsoft Windows.
Infact, a renowned insurance company from United States that offered cyber insurance policies from the past 3 years has also adapted to the rapidly changing cyber landscape by announcing a reduced coverage to all policyholders of cyber insurance due to circumstances. And for those who wish to have a cover as before, they need to probably shell out more…..that’s insane….isn’t it?