One lesson for insurers from the COVID-19 pandemic is that carefully considered wording for potentially massive losses is essential. Cyber risk can lead to such losses.
Here are links to some of the articles we have written on cyber risk to remind you:
- Cyber risk warnings for insurers
- Cyber cover must be specifically provided or excluded (Lloyd’s)
- CyRiM warns of up to $193 billion cyber risk – Insurers beware
- Cyber risk during COVID-19 outbreak
Insurer, reinsurers and underwriting managers must take this lesson and use this opportunity to go through all policies and limits of insurance to see that they are not potentially exposed beyond their capacity for what is currently one of the major insurance risks in the world. Every policy has a nuclear war exclusion, and the risk of cyber-attacks is more probable than nuclear attacks nowadays.