The Cyber Business Panel met on 26 November 2025 to review ongoing initiatives and emerging issues in the cyber insurance market. Key discussion focused on revisions to the LMA Model Type 5 Cyber War Exclusion, particularly the definition of infrastructure and internet services, with members debating the balance between clarity and flexibility. A working group will reconvene to refine definitions, drawing on regulatory guidance where appropriate. Progress was reported on the development of a simplified SME cyber product aimed at improving accessibility and business interruption support. Updates were also provided on the Emerging Professionals’ Sub-Committee, which is expanding broker engagement and training initiatives. The panel noted ongoing uncertainty around Lloyd’s risk code guidance, reaffirming lead underwriter responsibility. Wider market updates included AI loss scenario research, Lloyd’s cyber stress testing refresh, claims committee collaboration, and regulatory developments such as new Brazilian insurance law clauses.