Seems to be highest time to take care of your business cyber insurance.
(Reuters) – Lloyd’s of London is investigating a possible cyberattack, the commercial insurance market said on Wednesday. Companies are on high alert for intrusions as a result of the conflict between Russia and Ukraine.
“Lloyd’s has detected unusual activity on its network and we are investigating the issue,” a Lloyd’s spokesperson said by email, adding that the market was resetting the network.
“We have informed market participants and relevant parties, and we will provide more information once our investigations have concluded.”
Lloyd’s, which has been vocal in its support for sanctions against Russia, declined to comment on the possible source of the attack.
Around 100 insurance syndicates operate at Lloyd’s. Several of the syndicates offer cyber insurance against such attacks.
The COVID-19 outbreak sparked an acceleration of phishing, business email compromise and other social engineering attacks. And remote work brought new risks, especially for companies that needed to quickly make their infrastructures more robust to stay in business.
Cyber insurance, in one form or another, has been around since the 1990s. And now, as a result of attack-driven financial losses in 2019 and 2020, there is greater demand than supply. The global cyber insurance market will be valued at an estimated $22.5 billion by 2030, up from $4.3 billion in 2018, according to a report by Index Market Research.
The responsibility for protecting the organization’s systems, network and assets sits at the very top: The CEO owns the risk.