The LMA Financial Institutions Committee’s Cyber Clauses Briefing explored how financial institutions professional indemnity and cyber policies may respond when a financial institution suffers a cyber attack.

The session focused on the LMA’s model FI professional indemnity cyber clauses, including the recently updated LMA5478B, with speakers reviewing relevant coverage and exclusions and discussing key issues at the intersection of professional indemnity and cyber exposures.

The briefing provided attendees with a clearer understanding of how FI and cyber policies may respond to a cyber act against a financial institution and the considerations for underwriters, legal and wordings professionals when assessing these exposures.

Speakers

• Caroline Smith, Head of Financial Institutions, Newline, and Chair of the LMA Financial Institutions Committee
• Jenny Boldon, Partner, Kennedys
• David Powell, Head of Technical Underwriting, LMA
• Toby Clark, Executive, Technical Underwriting, LMA

The webinar recording and presentation slides are available below.