Lloyd's Warns Insurers Over Cost Of Major Cyberattack
Law360, London (February 16, 2021, 3:50 PM GMT) -- Insurers should be more aware of the threat that a cyberattack on manufacturing or energy industries could also trigger major physical damage, Lloyd's of London said Tuesday.
The specialist insurance market said in a report that insurers have assumed that the impact of cyberattacks was limited to "non-physical" loss of data or disrupted business.
But sophisticated computer viruses have been developed specifically to target industrial control systems, leaving insurers potentially on the hook for larger claims than they had budgeted for. An attack could cause "significant property damage and loss of human life," a cyber-expert warned on Tuesday.
Lloyd's said the...
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