Lloyd’s Network Resets Amidst Cyber Incident Horror
Hundreds-year-old insurance marketplace Lloyd’s has reset its networks and systems amid a possible cyberattack.
“All external connections have been turned off, including Lloyd’s delegated authority platform,” a Lloyd’s spokesperson quoted The Record as they say. “We are informing market participants and interested parties and will provide more information once the investigation is complete.”
The system reset was described as a precautionary measure after “abnormal” network activity was detected by Lloyd’s.
In August, Head of Underwriting Tony Chaudhry said in a Lloyd’s Market Bulletin: Also, robust language that provides parties with clear cover means that risk is appropriately priced and the risk of disputes is mitigated.
“Therefore, all standalone cyber-attack policies falling under risk codes CY and CZ must include appropriate clauses excluding liability for losses arising from state-sponsored cyber-attacks, unless agreed to by Lloyds. .. This clause must be added to the war exclusion (which can form part of the same clause or be separate).
This requirement will become effective on March 31st of the following year at the time each Policy is initiated or renewed.
It is unclear whether the cyber exclusion is related to the potential breach currently under investigation.
Lloyd’s Network Resets Amidst Cyber Incident Horror
Source link Lloyd’s Network Resets Amidst Cyber Incident Horror
