New ABI/Lloyd's guide on defining a cyber event released

New ABI/Lloyd's guide on defining a cyber event released

New ABI / Lloyds guide on defining a cyber event released

A new guide designed to assist (re)insurers on how to define a major cyber event has been published by the Association of British Insurers and Lloyd's.

The guide has been written by senior cyber insurance and reinsurance leaders with a goal of creating an industry wide approach to defining cyber events.

Cyber risk is a key emerging risk for businesses. Businesses are stepping up their work to combat the impact of cyber events and appropriately insure for cyber events due to an increased recognition that both malicious and accidental cyber events can result in substantial losses.

However there is an absence of historic events for firms to look at when trying to establish clear definitions and policy wording making this framework particularly welcome. 

The guide outlines the key insurance and reinsurance components for a consistent framework to define a major cyber event. A visual representation of the framework suggested in the guide is shown below.

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New Abi Lloyds Guide On Defining A Cyber Event Released

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