The COVID-19 pandemic has underscored for insurers the importance of linguistic clarity in policy wordings to avoid ambiguity and its potential consequences: litigation and reputational damage. In the cyber realm specifically, the re/insurance community would benefit from common language to define cyber events, as well as a common approach to attributing them. This would make it possible for industry to holistically assess their risk exposure, promoting the insurability of cyber risks.
These are the issues addressed in two recent reports by The Geneva Association and the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) Cyber Terrorism and Cyber Warfare Task Force.
