This unique summit saw senior business leaders, policy makers and cyber risk specialists discuss creative solutions for this emerging and interconnected threat in front of an audience of nearly 300 attendees from across the market, Corporation and further afield.
A clear and present danger
Lloyd’s recently hosted its first Cyber Summit, bringing together cyber insurance specialists, industry experts, security agencies and government bodies to discuss the growing threat in the cyber sphere
£35bn
Lloyd’s predicts the cyber market is going to treble in size from £12bn in 2022 to £35bn by 2030
Cyber
has been the fastest growing class of business at Lloyd’s in the last two years
$10.5
the global economic losses due to cyber-crime per year are estimated to rise to $10.5 trillion by 2025
For cyber criminals, one of the clearest lines of attack is lying right in your pocket.
Lord Sedwill, the former Cabinet Secretary and National Security Adviser, told the Lloyd’s Cyber Summit that our mobile devices are one of the main “touchpoints for cyber risk”.
Yet smartphones and watches are far from the only threat to our cyber safety. The cost-of-living crisis has created fertile territory for criminal activity to flourish, with the number of attacks by company insiders rising.
On the horizon, there’s a looming threat of AI algorithms being harnessed for nefarious ends and quantum computers will sooner or later be able to break today’s encryption software in a matter of seconds.
“Supporting a cyber resilient society might seem like an impossible task – but if anyone has the expertise and ability to face that challenge, it is our market; in collaboration with policymakers, customers and all the stakeholders that collectively make up our ecosystem.”Bruce Carnegie-Brown - Chairman, Lloyd’s
At Lloyd’s, we know that insurance is embedded across society, so we need to keep pioneering new ideas and supporting the growth of cyber solutions while working in partnership with customers and governments to tackle this evolving and highly unpredictable threat.
We’ll work with others for the solutions. But, here at Lloyd’s, we have made three commitments to:
Develop our modelling and scenario planning to give a clearer picture of potential outcomes; and importantly, linking those insights to the products we provide for customers, so they’re adequately covered and protected.
Convene the knowledge from across the intelligence and technology community that can ensure a more informed response. To support this, we’ll be working in collaboration with the Lloyd’s Market Association to drive engagement within the market on cyber best practice – and to boost awareness outside the market on the breadth and depth of expertise and solutions available within the Lloyd’s market.
Put ourselves in the customer’s shoes: connecting businesses with the advice and technology that helps them build resilience, while developing and evolving cyber risk solutions aligned to their needs.
“Lloyd’s Cyber Summit was borne from a compelling need to gather the experts and trusted actors from across government, industry, capital providers, security agencies and the insurance market to address the current and future threats of Cyber.Patrick Tiernan - Chief of Markets, Lloyd’s
The work at Lloyd’s doesn’t stop here. Our market share, expertise and unique syndication model means our whole market is not only focused on, but also best placed, to mature the class of cyber insurance and ensure a more resilient tomorrow.”
Cyber risk at Lloyd’s
We bring together the expertise to deliver creative cyber risk solutions today for a more resilient tomorrow.
Find out moreNicola Beckles - Marketing Manager, Lloyd's
09 Nov 2022