Swiss Re proposes government bail out as cybercrime insurance costs spike
Swiss Re also recommends insurers update policy language around exclusion clauses, terms and conditions to help clarify the scope of coverage.
Lack of clarity around coverage also landed two other major insurers, ACE American Insurance Company and Zurich American Insurance Company, into legal trouble after the 2017 NotPetya cyberattack. In this case, the question was around— which even in cyberspace could invalidate an insurance claim – and whether insurance companies should pay damages caused by network intrusions supported or organized by nation states.
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