LOPMI - A Promising Outlook for the Cyber Insurance Market
Article published on June 26, 2023, in *La Lettre des Juristes d'Affaires*—here.
The LOPMI Act now requires that insurers provide compensation for cyberattacks only if a complaint is filed within 72 hours of the attack being discovered, with the primary goal of better equipping public authorities to combat cybercrime. This reporting mechanism, supplemented by annual reporting requirements imposed on insurers, should enable a better assessment of cyber risks and, ultimately, more tailored coverage and lower premiums. By avoiding a total ban on ransom compensation, this legislation could thus represent a significant step forward in enhancing the attractiveness of the French cyber insurance market.
