With rumours that Lloyds of London is discouraging its syndicate members from cyber insurance expansion.

← Back to Blog

With rumours that Lloyds of London is discouraging its syndicate members from cyber insurance expansion. A message that sends 1,000 words to many in the insurance industry, its clients and is understandable given the cyber insurance industry has come under significant pressure over the past 2-3 years with ransomware attacks the predominate corporate cyber threat vector. With cyber insurance premiums spiking 140% between 2019 and 2020, premiums increasing and coverage reducing. (https://lnkd.in/dEN3G3kK)

What will this mean for the insurance industry and its clients. At a time when a number of US states mandate cyber insurance, and the insurance industry is working out how it can continue to provide coverage without government intervention. The APCIA published industry guidelines earlier this year suggesting a closer relationship between the insurance industry and government was needed and that cyber insurance should not be treated as the only tool available for risk mitigation. Instead suggesting it is a tool alongside an organisations own cyber risk assessment and mitigation programs. (https://lnkd.in/dsDcq6zq)

Given the recent DoT announcement on ransomware payments and OFAC, I wonder if this guidance will only change in the affirmative?

Ted Dziekanowski Jason Spezzano Brian McCarthy

#ransomware‚ #fisma‚ #ofac‚ #theaugustagroup‚ #theaugustaplan‚ #cybersecurity‚ #supplychainriskmanagement‚ #cyberriskmanagement‚ #compliance‚ #regulatorycompliance‚ #regulatoryoversight‚ #esg‚ #scrm‚ #cscrm‚ #fca‚ #cybercompliance‚ #cyberregulation‚ #cybergovernance‚ #falseclaimsact‚ #aws‚ #dhs‚ #cisa‚ #appgai‚ #securitiesandexchangecommission

View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6871729673114537984