According to Law360, Russia’s invasion of Ukraine hasn’t had the negative impact on the cyber insurance market many in the industry feared. In an interview, Partner Peter Halprin discussed wording changes in the cyber market, particularly as to the “war” exclusion, and the issue of attribution.
Halprin pointed to a September cyberattack where pro-Ukraine hackers caused a traffic jam in Moscow after taking down a Russian taxi app. Hacker group Anonymous took credit for the attack but claimed it had no official ties to the Ukrainian government.
“The attack seemingly wouldn’t be excluded under the attribution standard set out in the Lloyd’s exclusion language,” Halprin said. “[This] really highlights the multidimensional nature of cyber conflict, and how challenging it will be for carriers to make attributions going forward to try and avoid their obligations under cyber policies.”
Read the full interview here. (Subscription required)