Dive Brief:
Lloyd's of London reset its network and systems Wednesday after it identified unusual network activity, it said in statements provided to multiple media outlets. Lloyd's did not disclose the nature of the incident.
“As a precautionary measure, we are resetting the Lloyd’s network and systems. All external connectivity has been turned off, including Lloyd’s delegated authority platforms,” a spokesperson said in a statement provided to The Record by Recorded Future.
The organization informed market participants and other relevant parties, a spokesperson told Reuters. "We will provide more information once our investigations have concluded.”
Dive Insight:
London-based Lloyd's operates a major insurance and reinsurance marketplace with more than 200 lines of business. Last year, Lloyd's was ranked AM Best's seventh-largest reinsurer of 2021.
Lloyd's, which boasts significant insurance market influence, recently caused waves in its long-anticipated decision to phase out coverage for state-sponsored cyberattacks, which Lloyd's announced in August.
The new guidance, while not a mandate, calls on managing agents to apply due diligence when approaching the complexities of state-sponsored attacks. The German-based reinsurer Munich Re too is rethinking cyber policies to exclude war.
The insurance industry is changing cyber guidance because there's an inherent imbalance, where the number of cyber insurance policy claims threatens to upend the market's ability to effectively operate.
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