Lloyd’s suspects a possible cyberattack

Major commercial insurance marketplace Lloyd’s of London has detected unusual activity on its network and is investigating a possible cyberattack, with companies on high alert for intrusions as a result of the conflict between Russia and Ukraine.

As a precautionary measure, the insurance company is resetting the Lloyd’s network and systems. Lloyd’s have already informed market participants and relevant parties, and said it will provide more information once investigation concludes.

All external connectivity has been turned off, including Lloyd’s delegated authority platforms. Around 100 insurance syndicates operate at Lloyd’s. Several of the syndicates offer cyber insurance against such attacks.

Lloyd’s Underwriting Director Tony Chaudhry, “The ability of hostile actors to easily disseminate an attack, the ability for harmful code to spread, and the critical dependency that societies have on their IT infrastructure, including to operate physical assets, means that losses have the potential to greatly exceed what the insurance market is able to absorb.”