The Cyber Business Panel met on 28 April 2026 to review ongoing market initiatives, regulatory developments, and emerging cyber insurance issues. Progress was reported on the LMA Model Type 5 Cyber War Exclusion & Infrastructure Clause, with a revised draft expected for further working group discussion. The model SME cyber wording received positive feedback from the Wordings Committee and ABI, with publication anticipated following final approvals. Discussions on risk codes included agreement to continue using the CW code for cyber war exposures while consultations continue on a dedicated cyber war risk code. Members examined broker risk bursary requests, highlighting regulatory, transparency, and governance concerns and recommending careful compliance review. The growing use of AI agents in underwriting and submission processing was also discussed, particularly data privacy, confidentiality, and governance implications. Updates were provided on Brazilian insurance law changes, cyber claims trends, and geopolitical cyber incidents. The panel also considered the implications of digital asset legislation for cyber insurance coverage and exclusions.