State-backed cyber attacks – Lloyd’s announces new requirements
11 August 2022
Lloyd’s has issued a market bulletin Y5381 requiring all standalone cyber attack policies to exclude cover for state- backed cyber attacks. This requirement will apply to policies (including renewals) commencing on or after 31 March 2023.
In its bulletin Lloyd’s reaffirmed its support of the writing of cyber cover, whilst recognising that cyber remains an evolving risk. Lloyd’s refers to the potential systemic risk if the potential exposure is not managed appropriately. The specific requirements of the state-backed cyber exclusion are that it must:
- excluded losses arising from war, whether declared or not;
- exclude losses from state-backed attacks that significantly impair:
- the ability of a state to function; or
- the security capabilities of a state;
- be clear as to whether computer systems located outside a state affected by 2 above are excluded;
- be clear as to how the parties will agree how a state- backed attack will be attributed to one or more states; and
- clearly define all key terms.
Contact
Tim Johnson
Partner
tim.johnson@brownejacobson.com
+44 (0)115 976 6557
Contact Tim
Our expertise
You may be interested in...
15 November 2024
Legal Update
Building an inclusive workplace: strategies for attracting and retaining disabled talent
11 November 2024
On-Demand
Kinship care: DJ v Barnsley Metropolitan Borough Council and SG
05 November 2024
Legal Update
After a pause, Buy Now Pay Later (BNPL) regulation becomes one step closer
28 October 2024
Legal Update
Updates to the UK’s Arbitration Bill
28 October 2024
Legal Update
Ozempic: The rising costs and coverage issues of weight loss medication
28 October 2024
Legal Update - Employment Rights Bill
What does the Employment Rights Bill mean for employment practices liability insurance?
28 October 2024
Legal Update
ICAEW: Changes to PII requirements
28 October 2024
Legal Update
Contractor insolvency: Peabody Trust v NHBC
24 October 2024
Legal Update
Insurability by design: Increased transparency for vehicle manufacturers and insurers
17 October 2024
Legal Update
By a narrow 2 to 1 majority, the Court of Appeal finds in favour of insurers in the construction of an exclusion clause in a W&I policy
15 October 2024
Legal Update
Organisational approaches to ESG and sustainability matters
23 September 2024
Legal Update
LMA binders’ consultation
23 September 2024
Legal Update
Smooth sailing ahead: The LMA's new Open Form Default Clause
23 September 2024
Legal Update
PFAS: The issue that won’t go away
23 September 2024
Legal Update
Oklahoma earthquake: Racial discrimination in adjudication
23 September 2024
Legal Update
Will the Online Safety Act help reduce Google ad spoofing in insurance?
23 September 2024
Legal Update
Vicarious liability for kinship foster carer abuse: Implications for local authority insurers
23 September 2024
Legal Update
Latest short-term insurance trends
10 September 2024
Legal Update
Motor finance complaints on hold: Why now is the time for strategic action
30 August 2024
Published Article
General insurance claims part 3: evidence of the insurance markets’ learnings from the consumer duty
29 August 2024
Legal Update
Artificial intelligence putting the ‘actuarial defence’ to the test?
29 August 2024
Legal Update
Under the influence: France introduces insurance requirement for influencers
29 August 2024
Legal Update
Insuring a summer of sport
29 August 2024
Legal Update
The impact of UK riots on insurers
29 August 2024
Legal Update - The Word
The Word, August 2024
28 August 2024
Legal Update
Product Safety and Metrology Bill: E-bike and e-scooter fires
19 August 2024
Opinion
Choose your words wisely: Balancing inclusivity and employees’ beliefs at work
09 August 2024
Published Article - Consumer Duty
General insurance claims: The consumer duty’s easy target? (part 2: ‘a history of warnings’)
29 July 2024
Legal Update
Words matter: Another case on the importance of accurate drafting
29 July 2024
Legal Update
How might AI impact insurer climate targets?
29 July 2024
Legal Update
London Fire Brigade to stop attending for automatic fire alarms: Implications for insurers
29 July 2024
Legal Update
Navigating Oil Price Cap legislation: LMA issues revised Cargo and Hull wordings
29 July 2024
Legal Update
It’s not cricket: Insurers change their mind about jurisdiction
26 July 2024
Legal Update
Using AI to help spot vulnerable customers
26 July 2024
Legal Update
Is your cyber resilience shored up?
24 July 2024
Legal Update
CrowdStrike: Assessing the fallout of potentially the “largest IT outage in history”
23 July 2024
Press Release
Browne Jacobson survey finds 38% of insurers considering pulling out of the solicitors PII market
02 July 2024
Legal Update - DORA
EU Digital Operational Resilience Act: Countdown to comply with the January 2025 deadline
27 June 2024
Legal Update
Changing lanes: Automated Vehicles Act 2024 becomes law
27 June 2024