The Cyber Business Panel identifies and explores key issues of interest or concern to LMA members. It helps to advocate for cyber as a class of business, train and educate cyber insurance professionals and promote Lloyd’s and London as a key global cyber centre of excellence.
Following Lloyd’s bulletins Y5381 and Y5433 in respect of state-backed events, the panel has, in conjunction with the LMA Wordings Committee, developed a suite of clauses to help members comply with the requirements of the bulletin.
Ransomware and extortion are leading drivers of cyber claims due to their disruptive nature and financial impact. They has reshaped how insurers assess, price and manage cyber risks, making them focal points for the Cyber Business Panel.
Extortion payments present a legal, ethical, operational and financial challenge. While cyber insurance has historically covered these costs, the rising scale and frequency of demands are prompting a rethink of how such payments should be managed and insured.
The panel is aware that London is a key centre of excellence in the global cyber insurance sector. As such, the panel utilises the insurance trade press to produce thought leadership pieces of interest to the market. Recent articles have looked at how Lloyd’s is leading with cyber innovation, how the panel has developed educational content for the good of the market and how the Lloyd’s market is at the cutting edge of claims technology and leading best practice.
The CBP helps to develop and issue LMA wordings for use across the market. To receive email notification of new wordings, please subscribe.
