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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!