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The corporate world is losing its grip on cyber risk
Reasonably priced cyber insurance that also improves resilience seems still beyond our reach
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Reasonably priced cyber insurance that also improves resilience seems still beyond our reach.
PHOTO: UNSPLASH
Helen Thomas
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The Lloyd’s of London insurance market prides itself on being able to put a price on anything – from Tina Turner’s legs or Bruce Springsteen’s vocal cords, to the risk that a bounty hunter might claim the reward from Cutty Sark Whisky in the 1970s for capturing the Loch Ness monster.
But from the end of March, there will be something it will not price: systemic cyber risk, or the type of major, catastrophic disruption caused by state-backed cyber warfare. In one sense, this is not surprising. Insurance policies typically exclude acts of war.
