Law360, Los Angeles (July 13, 2015, 8:31 PM EDT) -- Insurance market Lloyd's of London recently co-wrote a report predicting that a major cyberattack on the East Coast could trigger $70 billion in insurance claims, highlighting potentially glaring deficiencies in traditional and cyber-specific policies. Here, Law360 examines the important takeaways for insurers and policyholders.
A Major Attack Would Affect a Wide Range of Policies
In the joint report, Lloyd's and the University of Cambridge Centre for Risk Studies laid out a hypothetical scenario where computer hackers infect electricity generator control rooms with malware, plunging 15 U.S....
Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.