Lloyds of London reduces cover

One of the world’s premier insurance companies, Lloyds of London, has announced that it will no longer pay out on damages from nation-state cyberattacks. Lloyds’ cyber insurance products used to cover most damages occurring from cyberattacks. In the announcement, Lloyds said that damages coming from “cyber war between two nations” would not be covered, although this left plenty open to interpretation. The decision comes after Lloyds had already increased cyber insurance premiums due to the ongoing ransomware wave, and is a signal that they may be expecting more in the future.