As geopolitical tensions rise, companies are facing a new, unpredictable risk: the mix of cyberattacks and war exclusions in their insurance policies. Nicole Corona speaks with Law360 on the Iranian war and what it means for policyholders. The March 2023 attack on Stryker Corp. by an Iran-linked group highlights the challenges in determining whether such attacks are state-sponsored. Nicole notes that cybercriminals might exploit vulnerabilities created by nation-state actors, making it harder to determine coverage: “If you have language like ‘related to’ or ‘in connection with,’ that kind of language will be more carrier-friendly,” she continued.
“Can they weather a financial fallout from a cyberattack?” is a question Nicole urges companies to consider. Given the evolving threat landscape, companies need to ensure their cyber insurance adequately addresses these risks.