Addressing catastrophic cyber risks

We are focused on offering clear solutions that reflect the evolution of technology and the cyber landscape. 

The changes to our cyber wordings are designed to future proof the market by minimising the impact that catastrophic cyber events pose.

Acting today, protecting tomorrow

We are making changes in three areas:

• We are ensuring cyber attacks by nation states remain covered, with the exclusion only applying to acts of cyber war as part of a physical war or which cause a major detrimental impact on essential services in another state.
• We are bringing digital, tech and financial market infrastructure under the infrastructure exclusion.
• Finally, if one of two remote possibility cyber catastrophes occurs, we have introduced a 50% sublimit of indemnity - but access to our market-leading cyber support services is retained in full. The severity of a catastrophic cyber event would cause major societal and economic dislocation. This type of cyber catastrophe has not yet happened, but they are possible, and the losses would exceed what the private insurance markets are capable of withstanding.

We believe the changes we are making will help to ensure the long-term viability of the cyber insurance market and protect clients from the most extreme catastrophic cyber loss scenarios.