atans1

Cyber-crime not covered

In Insurance, Internet, Uncategorized on 02/06/2016 at 1:25 pm

From an FT article

One of the worries in the market is that insurers might have exposure to cyber risk via existing, non-cyber policies. “There are people with old products such as liability insurance or property damage insurance where the wording has not changed for decades,” said Simon Kilgour of law firm CMS.
“There are no specific exclusions in those policies so there is a question of whether a cyber loss would be covered. If you can’t prove that you have excluded cyber, then you have to assume you could be exposed.”

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  1. No worries in ye olde S’pore — such general & commercial insurance are usually on annual-renewable basis, where wordings and coverage can change willy-nilly. Also in pro-business S’pore, much of the law are stacked in favour of big business & insurers — no specific exclusions doesn’t mean it will be covered.
    And lastly, in S’pore justice goes to the one with the deepest pockets — insurers have much deeper pockets & connections to big 4 law firms than almost all their customers.

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