Cyber

Guidance: choosing treatment options balances the benefits for the objectives against the cost, effort and disadvantages of implementing them. Options are not mutually exclusive and not all fit every situation; they include avoiding the risk by not starting or continuing the activity, taking or increasing the risk to pursue an opportunity, removing the risk ...

Guidance: risk identification finds, recognizes and describes the risks that might help or prevent the organization achieving its objectives, and depends on relevant, appropriate and current information. A range of techniques can be used to find the uncertainties that affect objectives, and the following factors and the relationships between them should be c...

Lloyds Cyber Insurance Requirements - Risk Selection and Cyber Hygiene Underwriting Criteria. Underwriters must conduct rigorous risk selection + due diligence assessing insured-cyber hygiene including: (a) Mandatory cyber hygiene requirements (insurance-grade baseline expectation): Multi-Factor Authentication (MFA) on all privileged accounts + all remote ac...

Lloyds of London Cyber Insurance Requirements - Affirmative Cyber Coverage Mandate. Following Lloyds Market Bulletin Y5258 (issued 16 August 2022) all Property Policies underwritten by Lloyds market participants must clearly state from 31 March 2023 onwards whether cyber-related losses are covered + excluded + with no implicit ambiguity (silent cyber elimina...

Lloyds Cyber Insurance Requirements - Claims Handling Standards for Cyber Events and Sanctions/Ransomware Compliance. Claims Handling Standards for Cyber Events: (a) Specialised cyber claims handling capability + Lloyds claims handler training in cyber-specific issues + Computer Forensics + Digital Forensics and Incident Response (DFIR) integration + Coaliti...

Lloyds Cyber Insurance Requirements - War, Cyber Operation, and State-Backed Exclusions. Following NotPetya 2017 + WannaCry 2017 + SolarWinds 2020 + Colonial Pipeline 2021 industry-wide reassessment of war + state-backed cyber exclusion language driven by Lloyds Market Bulletin Y5258. LMA5400-LMA5403 model exclusions for war + cyber operation provide tiered ...

Develop, implement, and maintain a comprehensive written Information Security Program (ISP) based on the licensees risk assessment that includes administrative, technical, and physical safeguards for protecting Nonpublic Information and the licensees information systems. Scale the ISP commensurate with size + complexity + nature + scope of activities + sensi...

Conduct comprehensive risk assessments to identify reasonably foreseeable internal and external threats that could result in unauthorised access to or transmission, disclosure, misuse, alteration, or destruction of Nonpublic Information stored on the licensees information systems. Assess likelihood and potential damage. Reassess sufficiency of safeguards on ...

Establish a written Incident Response Plan to respond to and recover from a Cybersecurity Event. Investigate Cybersecurity Events to determine scope + Nonpublic Information involved + impact of the Event + reasonable measures to restore the security of the Information Systems compromised. Notify the state insurance commissioner of the state-of-domicile withi...

The entity must maintain sound information and technology capability to meet current and projected business requirements and to support critical operations and risk management, and in managing technology risk must monitor the age and health of its information assets and meet the information security requirements of CPS 234.

Guidance: risk analysis builds an understanding of the nature and characteristics of a risk, including its level where appropriate, by considering in detail uncertainties, sources, consequences, likelihood, events, scenarios, controls and how effective they are; one event can have several causes and consequences and touch several objectives. Analysis can be ...

Guidance: the organization should specify the amount and type of risk it may or may not take relative to its objectives, and should define criteria for judging the significance of risk and supporting decisions. Risk criteria should align with the framework and be customized to the purpose and scope of the activity; they should reflect the organization's valu...

The organization identifies and selects risk responses.

The organization assesses the severity of risk.