Cyber Business Panel
The Cyber Business Panel comprises of 18 underwriting representatives from the Lloyd’s market. The panel members meet on a monthly basis. The panel identifies issues considered to be of interest or concern to LMA members, for discussion within the Panel and referral as appropriate to the relevant LMA Standing Committee and the LMA Executive. Click here for the Panel Terms of Reference .
Role of the panel
- Respond to requests from the Non-Marine Committee (NMC), the LMA Executive and other LMA committees and groups for advice and recommendations on issues.
- Liaise with the NMC, to develop or revise policy wordings or clauses for adoption as LMA accredited wordings, establishing working groups as necessary to undertake this work.
- Liaise with the NMC, to undertake other technical activities, establishing working groups as necessary to undertake this work.
- Provide a forum for exchange of views and information between market practitioners.
Key issues
- The panel liaises with Lloyd's on discussions including systemic risk and data.
- The panel has developed model application forms and a best practice guide for risk presentation.
- The Panel has developed a suite of model clauses in respect of complying with recent Lloyd’s bulletins on state backed cyber attacks.
- The panel has supported the creation of the LMA Cyber Academy which is an entire curriculum of training and education on cyber insurance.