2026-10-16 · Source: Insurance Business New Zealand
Summary in 3 Points • The New Zealand Security Intelligence Service reports foreign states are actively targeting local businesses. • Exclusions for state-sponsored attacks can complicate cyber cover, particularly for SMEs. • Insurers must manage aggregation risk across portfolios concerning state-sponsored cyber attacks. --- The New Zealand Security Intelligence Service has indicated that foreign states are actively targeting local businesses, raising concerns about the adequacy of cyber insurance coverage. A significant issue is the exclusion of state-sponsored attacks from policies, which can complicate claims for affected businesses, especially SMEs that may struggle with lengthy proposal forms and complex policy wording. Insurers are tasked with managing aggregation risk across their portfolios, particularly in the context of state-sponsored cyber attacks. The conversation around these exclusions is crucial for clients involved in government contracts, as understanding the nuances of policy wording can significantly impact their coverage and risk management strategies. Insurers need to ensure that their policies remain accessible while adequately addressing the risks posed by state-sponsored incidents. The complexity of exclusions for state-sponsored attacks in cyber insurance can impact SMEs' access to coverage, particularly in the context of proposal forms and policy wording.
The complexity of exclusions for state-sponsored attacks in cyber insurance can impact SMEs' access to coverage, particularly in the context of proposal forms and policy wording.