“Silent cyber” refers to the exposure to cyber losses within traditional - i.e., property, casualty, and other non-cyber - insurance policies that has not been expressly affirmed or excluded: The exposure is "silent."
Insurers and regulators have expressed concerns that this exposure, which they contend they have been neither underwritten for nor priced, can create unmeasured portfolio exposure, and could lead to aggregate systemic risk.
Insurers are responding by adopting various exclusions, limitations, and changes to non-cyber insurance policies.
But for many organizations, these changes can lead to coverage uncertainty and confusion, and may create coverage gaps that impact or limit coverage of cyber risks.
Have you reviewed your policies and assessed the potential impact of such changes?
Marsh can help. We are designing tailored solutions to help our clients maintain and secure coverage, reduce and close coverage gaps, and maximize potential recoveries.
We have also prepared a suite of materials to help you understand the issue and consider various solutions:
And of course, in all of these, we share our recommendations for the review, assessment, and response to any potential coverage gaps or issues that may arise from silent cyber policy changes.
Reach out to Marsh to help you review and if necessary adapt your current policies to ensure you have adequate protection.