Here is the latest from Lloyd’s Market Association;
The Lloyd’s Market Association (LMA) has recently released Practical Management of Cyber Exposures and Aggregations, a best practice document on the management of cyber risks.
The report:
- Explores examples specifically related to cyber risk. It evaluates the current landscape of modelling methodologies available to syndicates, and integrates current market knowledge with an assessment of the unique challenges of this dynamic and complex peril.
- Examines the challenges of collecting and standardising data, the benefits and drawbacks of various modelling methodologies and the need for upskilling within exposure management teams.
- Calls for cross-market collaboration to invest in talent, leverage emerging technologies and adopt a standard approach to exposure management in the cyber market.
Paul Davenport, Finance & Risk Director of the Lloyd’s Market Association, said: “Cyber risk has emerged as one of the most dynamic and challenging perils in today’s risk landscape. It is a human-caused and often maliciously motivated threat that can transcend geographical and sectoral boundaries, creating unique…
