Lloyds of London

Lloyd’s of London and HITRUST Launch Cyber Insurance Consortium

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Lloyd’s of London has launched a standalone cyber insurance consortium with HITRUST and an association of AA-rated carriers. The program offers HITRUST-certified organizations broader coverage, lower premiums, and a simplified cyber insurance experience. The initiative rewards HITRUST-certified organizations with advantages such as competitive insurance rates, streamlined underwriting processes, and extensive coverage. HITRUST has established its … Read more

ABI and Lloyd’s Publish Comprehensive Guide on Defining Major Cyber Events

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An action plan is crucial for any company facing a crisis, and when it comes to cyber events, having a well-defined strategy can make all the difference. The newly released guide, “Components of a major cyber event: a (re)insurance approach,” from the Association of British Insurers (ABI) and Lloyd’s of London, serves as an action … Read more

AI to Increase Cyber Attacks Until Countermeasures Catch Up Over Next 2 Years: Lloyd’s Report

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“The impact of GenAI on the cyber landscape is likely to increase the frequency, severity, and diversity of smaller scale cyber attacks, which will grow over the next 12-24 months, followed by a plateauing as security and defensive technologies catch up to counterbalance their impacts,” predicts the report, “Generative AI: Transforming the Cyber Landscape.” The … Read more

Lloyd’s Reveals $3.5 Trillion Global Cost Of Cyber Attack

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In a startling revelation, Lloyd’s, the world’s premier insurance and reinsurance marketplace, has unveiled a systemic risk scenario that paints a grim picture of the global economy’s susceptibility to a major cyber attack. This hypothetical envisions a cyber strike on a major financial services payments system, leading to widespread disruption in global operations. The potential … Read more

Cyber Insurers Stress-Tested by Bank of England Get Grade We Used to Receive in School: “Needs Improvement” 

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The Prudential Regulation Authority (PRA), part of the Bank of England, asked 17 general insurers and 21 Lloyd’s of London syndicates to assess their solvency against a set of cyber losses. “The regulator assessed industry responses to three underwriting ‘cyber scenarios’ – a cloud outage, data exfiltration and systemic ransomware.”The Bank of England’s Prudential Regulation … Read more

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