Bank of America raised concerns with Lloyd’s of London about a move to exempt big “state-backed” cyber attacks from standard insurance policies, underscoring the concern among financial institutions about changes to a crucial safety net.
The US lender expressed unease over the new rule in one of a series of discussions of the matter in recent weeks between Lloyd’s and big clients, according to people familiar with the meetings, as the insurance market seeks to protect itself from systemic risk.
Anxiety is growing among large corporations about the threat from state-sponsored cyber groups, including over whether the cost of attacks will be covered by their insurers.
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