Lloyd’s of London resets systems following potential cyber attack

Lloyd’s of London was forced to reset its networks and systems as a precautionary measure following the detection of “unusual activity” on its network on the night of 5 October 2022, sister publication Insurance Times understands.

The market said that it was investigating further and would release more information once it was available – syndicates at Lloyd’s have been informed.

A Lloyd’s spokesperson said: ”Following the unusual activity detected on Lloyd’s network, our precautionary work to secure systems has been completed overnight.

“Working with specialist partners and a dedicated team, we are currently evaluating the best options for reconnecting these systems and we continue to investigate the issue.”

Lloyd’s said it would continue to keep market participants and relevant parties updated.

Cyber market 

Lloyd’s is a leading provider of cyber insurance itself and provides around 20% of the global cyber market – the market contains 77 cyber risk insurers and recently received approval for its own standalone cyber syndicate.

The corporation recently set its own cyber policy exclusions for state-backed attacks – requiring its underwriters to begin including exclusion clauses for cyber attacks originating from nation states as of 31 March 2023.

In a market bulletin, Lloyd’s explained that losses arising from sovereign state-backed cyber attacks – including incidents that have occurred as part of the hostilities between Russia and Ukraine – had led to these types of exposures becoming a “market focus”.