The Cyber Business Panel meeting focused on reinsurance market dynamics, ongoing wording initiatives, and emerging issues. A presentation by Howden Re highlighted a softening cyber reinsurance market, with increasing commissions, evolving structures such as quota share and aggregate stop loss, and continued innovation in products like reverse no-claims bonuses. The importance of catastrophe modelling and exposure data in managing systemic cyber risks was emphasised. Progress continued on the Cyber War Exclusion and SME product, with further drafting and stakeholder engagement underway. Feedback identified areas requiring refinement, including waiting periods and retention structures. Operational challenges included ambiguity in risk code application, particularly where multiple stamps are used, and inconsistent broker submission quality. Additional topics included AI developments, ongoing monitoring of Brazil’s regulatory changes, and discussions on broker fee requests. A cyber claims update was deferred, and further updates are expected at future meetings.