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Title Can cyber insurance cover acts of cyber terrorism?   hot icon  
Date 2018-08-06 Hit 19
Title: Can cyber insurance cover acts of cyber terrorism?


Author: J.M. Porup, CSO


Date: 24 July 2018


Abstract: When the twin towers fell on 9/11, insurance carriers paid out claims of 44 billion dollars, and then decided they really didn't want to insure tall buildings in Manhattan against terrorism anymore, thank you very much. Alarmed, the US government created TRIA, the Terrorism Risk Insurance Act, a government-funded backstop for private insurance carriers offering terrorism policies. In the event of another terrorist attack resulting in insured losses of more than $180 million (in 2018), TRIA will pay up to $100 billion—with a “b”—in the event of a large-scale terrorist attack, as officially certified by the US government. However, the politically charged nature of terrorism means that the biggest risk to insurers may be a government's willingness to label something terrorism in the first place.



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