Cybercrime is a growing concern in today’s digital world. Bank of America has recently voiced its concern over Lloyd’s policy decision to exclude cyber insurance coverage for large corporations hit by state-funded cyber attacks. The decision to exclude such attacks from standard insurance policies is tentative, but Lloyd’s is sure that recent developments have made it rethink its policy. It is still unclear whether the company plans to introduce a separate insurance cover for such attacks.
State-funded attacks are those that are ideologically motivated and not financial. To date, China, Russia, and North Korea have launched such digital invasions either to create political rifts, concerns among the populace, espionage, or to steal funds to fulfill nuclear ambitions. Excluding such invasions might trigger backlash from customers. However, if the financial services offering firm offers clarity, it can face a win-win situation.
Overall, the growing threat of cybercrime and the potential for state-funded attacks has caused Lloyd’s to consider revising its cyber insurance policies. It is still unclear how Lloyd’s will respond to this threat, and what measures it will take to protect its customers. However, it is clear that the company will need to be proactive and transparent to ensure customer trust and safety in the future.
Key Points:
• Bank of America has recently voiced its concern over Lloyd’s policy decision to exclude cyber insurance coverage for large corporations hit by state-funded cyber attacks.
• State-funded attacks are those that are ideologically motivated and not financial.
• Excluding such invasions might trigger backlash from customers.
• It is still unclear how Lloyd’s will respond to this threat, and what measures it will take to protect its customers.
