Cyber insurance hit with barrage of criticism as disputes mount
Financial Times | December 03, 2018
The November 2018 Cyber Risk & Insurance Report by insurance governance expert Mactavish has shone a spotlight on common cyber cover limitations, and now a Financial Times report is pointing to a rise in disputes between policyholders and providers. The newspaper cited a particular case involving Everest National Insurance Company and the National Bank of Blacksburg, wherein the insurer offered to pay US$50,000 and not the US$2.4 million being claimed by the bank after the latter incurred losses from cyber attacks. The dispute will be heard in court in 2019.