Celso De Azevedo

This is a definitive guide on the evolving law and practice of cyber insurance. Written in an accessible and practical style designed to help you find answers quickly, it adopts a UK perspective with additional comparative analysis of the most significant cases in the USA. Complete with sample clauses from leading industry organisations including the Lloyd’s Market Association and International Underwriting Association, this is a comprehensive text that clarifies and explains the law of cyber risks insurance.

This updated second edition includes:

• New cyber exclusion clauses
• Commentary on the Supreme Court decisions in Lloyd v Google LLC and WM Morrison Supermarkets Plc v Various Claimants
• An overview of post-Brexit GDPR and the latest ICO guidance relating to regulatory action
• Discussion on the implications to business interruption coverage under stand-alone cyber insurance policies in the aftermath of The Financial Conduct Authority v Arch Insurance (UK) Ltd
• Coverage of other decisions including Quadra Commodities S.A. v XL Insurance Company SE; Berkshire
• Assets (West London) Ltd v AXA Insurance; and Burnett or Grant v International Insurance Company of Hanover Ltd
• Recent US Appellate Court decisions concerning third-party liability and cyber crime coverage

Other features and benefits include:

• Provides comprehensive guidance on the law of cyber risks insurance and its practical application.
• Explains cyber risks exposures, cyber security assessment, and the insurance coverage necessary to protect you.
• Sample exclusion clauses issued by the Lloyd’s Market Association, International Underwriting Association and other leading industry organisations.
• Includes a selection of practical clauses on issues such as cyber non-aggregation, information technology hazards, terrorism, ransom, and cyber-attacks.
• Takes a detailed look at cyber risks modelling, reinsurance and the underwriting of cyber risks.
• Addresses first party coverage issues including those relevant to network security breaches.
• Commentary on third party liability coverage including privacy and media liability issues.
• Looks at silent cyber exposure, coverage and exclusions (e.g. CL380 and NMA2914/5) including property, construction, marine, and liability lines of insurance.
• Covers cyber incidents, claims issues and the emergence of court disputes in this area – with comparative analysis of US cases.
• Discusses the extent of cyber crime coverage including the crimes of extortion and fraudulent transfer of funds, among others.
• Examines the GDPR regime and new procedural requirements for compliance as well as the criteria for data breach notification and for the insurability of fines.
• Explains business interruption coverage and key issues such as gross profit and revenue, period of coverage, trends clauses, and extended reputation coverage.
• Outlines the state of the standalone cyber insurance market along with the growing risks and future developments.
• Written from a UK perspective with additional analysis of the most relevant US cases as well as the legal positions in Australia and New Zealand.

Contents:

1. Cyber Risks Assessment and Underwriting
2. Silent Cyber Exposure and Tangible Property
3. Silent Cyber Exclusions
4. First Party Coverage
5. First Party Coverage: Data Breach Notification, Regulatory Fines and the GDPR
6. Business Interruption Coverage
7. Third-Party Liability Coverage
8. Cyber Crime Coverage
9. Exclusions
10. Claims
11. Cyber Risks Reinsurance, Modelling and Accumulation