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 cyberattacks. The dispute will be heard in court in 2019.
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