IUA Circular 057/18

Cyber and Business Interruption

Date: 20 July 2018 

Interest Groups: IUA member contacts, underwriting and claims interests 

Subject: Publication of a new report by the IUA's Cyber Underwriting Group looking at business interruption policies

IUA Contact: Helen Dalziel, Senior Legal and Market Services Executive
The continued education of businesses about the cyber risk exposures is an essential task, both at an operational risk management level and in the boardroom. The IUA’s Cyber Underwriting Group’s Policy Positions Paper has previously highlighted the role that national authorities, insurers and brokers must all play in this process. 

Now the group has produced a new report examining how business interruption cover may respond to cyber risks when compared to more traditional classes of business. Available to download via the link above, the document highlights the complexity of such cover and how policy coverage and wordings can vary widely. It discusses issues such as the period of loss covered by policies, how they may calculate loss of revenue, waiting periods and deductibles and methods for measuring the period of interruption. The report also considers contingent cyber business interruption and has been produced in association with RGL Forensics.