Incident Response

Possible cyberattack at Lloyd’s of London under investigation

Major commercial insurance marketplace Lloyd's of London has announced an ongoing probe on a potential cyberattack following the detection of unusual network activity, according to The Record, a news site by cybersecurity firm Recorded Future. "As a precautionary measure, we are resetting the Lloyds network and systems. All external connectivity has been turned off, including Lloyds delegated authority platforms. We have informed market participants and relevant parties, and we will provide more information once our investigations have concluded," said a Lloyd's spokesperson. No information regarding the attackers or the type of attack has been provided so far. The intrusion comes after the insurance marketplace expressed support for Russian sanctions and required exclusions for state-backed cyberattacks and acts of war. "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," said Lloyd's Underwriting Director Tony Chaudhry.

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