Tackling systemic exposure in cyber, including cyber war

Today’s cyber landscape is highly dynamic and of ever-increasing importance for the global economy. Insurers (and reinsurers) need flexibility and agility to respond to existing and evolving challenges. It is vital for a sustainable cyber market to limit systemic risks, the foremost of these being cyber war. This is especially the case in light of the current geopolitical situation; and considering several “near misses” in the past, the introduction of robust and future-proof war and cyber-war exclusions is key.

The development of war and cyber-war exclusion clauses represents a great step forward for the insurance industry regarding the ability to control potential systemic accumulation from what is essentially an uninsurable risk. The seminar focuses on the fundamental considerations that led to the development of such clauses, the main systematic approaches, while also addressing the balancing effect on insurance books.

However, such indigestible exposure may also arise from non-malicious events. We will look at the impact and challenges of recent events and additionally look into innovative concepts to limit systemic exposure arising from non-state-backed attacks and non-malicious events.

• Why were new exclusions needed for affirmative cyber?
• Exclusions: the main schools of thought and prominent examples
• Risk appetite and corresponding negotiation aspects

3 April 2025, 03.30 p.m. (CEST)

Deadline for registration

2 April 2025