Lloyd’s of London has recently issued an updated Market Bulletin to offer clearer guidance on cyber war wordings, aiming to prevent disputes over policy coverage.
In August 2022, Lloyd’s released Market Bulletin Y5381, outlining requirements for exclusions in standalone cyber-attack policies. This was done to help the Lloyd’s market better manage the perceived systemic risk posed by state-backed cyber-attacks.
As part of this initiative, Lloyd’s stated, “We are therefore requiring that all standalone cyber-attack policies falling within risk codes CY and CZ must include, unless agreed by Lloyd’s, a suitable clause excluding liability for losses arising from any state backed cyber-attack”.
