Cyberattack – Intangible Damages in a Virtual World: Property Insurance Companies Declare War on Cyber-Attack Insurance Claims

By Angad Chopra.

Cyber-attacks and the monumental damages they cause are becoming seemingly ubiquitous. Large-scale cyber-attacks have become the norm, as opposed to an anomaly. In fact, cyber-attack has been rated as the number one concern for private entities given the sheer danger each attack poses on entity solvency. Ad-hoc attackers, in combination with state-sponsored cyber-warfare actors, have the capability of wreaking havoc on an entire nation or on an entire private industry. Attacks are conducted with sophistication, while cyber security regimes are lagging in meeting the challenge. The results are catastrophic…Read Chopra’s full note here.