Search
 

InsurTech Center

Commentary

Revisiting insurance's ‘War Exclusion’ in the age of cyberwarfare

The conflict in Ukraine has led many to believe the "War Exclusion" needs to be updated for the modern era.

By Jillian Raines and Amber N. Morris | May 23, 2022 at 12:04 AM
Russian hacker closes the lid of the laptop, against the backdrop of a binary code, the color of the Russian flag While there have been various calls to action to address outdated War Exclusions in the last few years, to which the market has begun to respond, the results do not go far enough in modernizing the War Exclusion for our increasingly digital age or to provide the certainty policyholders’ premiums should guarantee in light of the present Russia-Ukraine war. (Credit: Дмитрий Ногаев / AdobeStock)

The increased use of computer-based technology has caused cybercrime to skyrocket worldwide, and the techniques hackers use are ever-evolving. Some estimate the cost of cybercrime globally could reach $10.5 trillion a year by 2025. The Russian attacks on Ukraine have ignited fears of increased cyberattacks, and governmental authorities are on high alert.

In response to these increased cyber threats, governments, businesses, and consumers alike are ramping up their cyber security measures. Many prudent businesses are also revisiting their insurance portfolio, seeking confirmation that their coverage will adequately protect them if they are victimized by increasingly sophisticated cyberattacks, including those connected to the acute conflict in Ukraine.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

Recommended Stories

Dog bite litigation, breed biases and Pennsylvania laws

Dog bite litigation, breed biases and Pennsylvania laws

Rebecca Glenn-Dinwoodie |

Pennsylvania law addresses these negative interactions through both civil and criminal statutes, as well as regulation of the insurance industry when it comes to specific restrictions.

Legal Innovation Awards (LIA) 2023Event

Celebrate outstanding achievement in law firms, chambers, in-house legal departments and alternative business structures.

Get More Information
 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.