Friday, January 13, 2023

For the first time, bonds issued to finance insurance payments against cyberattacks

The Beazley company, of the Lloyd's group, issued securities for US$350 million to cover eventual customer claims in the face of cyberattacks. If those bids exceed US$300 million, the investors who bought the bond lose and must pay Beazley US$45 million. The scheme spreads risks and aims to interest investors in a context of a dramatic increase in cyberattacks.

Beazley, an insurance company of the Lloyd's group, launched the first bond to face catastrophes caused by cyberattacks. This has opened up one of the insurance and investment areas that could show rapid growth due to the need for companies and governments to protect themselves from ransomware attacks.

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