Chris Mather

Senior Executive, Technical Underwriting
LMA

In today’s rapidly digitalising world, the nature of cyber risk is evolving. Scoping Out Systemic Cyber Risk, sets out a practical framework designed to help insurers manage the aggregation potential of under-modelled systemic cyber exposures. 

While the insurance industry has long focused on well-known systemic risks such as cloud service failures and ransomware attacks, this report shifts the spotlight to the lesser-known, yet increasingly critical, ‘other cyber’ scenarios. The LMA’s Cyber Risk Strategy Group has developed this framework to guide insurers in assessing risks that arise from the growing interconnectedness of digital systems. 

Key findings:

• New risks in digital healthcare: Explore the potential for widespread disruption through attacks on electronic healthcare record systems. 
• Maritime vulnerabilities: Understand the risks posed by cyber threats targeting electronic chart display and information systems in the shipping industry. 
• Advanced risk modelling: Learn how the interconnected nature of modern technology can lead to systemic failures and discover strategies to mitigate these risks. 

In a world of increasing digital interconnectedness, understanding systemic cyber risk is more crucial than ever, however, cyber risk requires innovative approaches and advanced modelling techniques. This report equips underwriters with the knowledge to anticipate and manage emerging threats, ensuring the resilience of the market. 

Download the full report today and enhance your understanding of these critical cyber risks.