Cyber Resilience Leaders Practice Group 4th June 2024

Insights from the LMF Cyber Insurance Practice Group's Summer Gathering

The latest quarterly gathering of the LMF Cyber Insurance Practice Group on 4th June, brought together a diverse array of cyber insurance professionals from the London Insurance Market, to discuss pressing issues, share insights, and foster collaboration within the market. Held with the purpose of enhancing collective understanding and response to current cyber risks, the event was marked by engaging discussions and valuable knowledge-sharing. Thanks to Ricardo Ferreira and Kash Valji from Fortinet, for sharing their insights and experience with our Group Members and to Fortinet for supporting this meeting of the Group.

Fostering Collaboration and Engagement

The gathering opened with a warm welcome by Roger Oldham to attendees, emphasising the event's collaborative nature. Roger highlighted the importance of active participation, encouraging professionals to contribute their thoughts and insights freely. This set the tone for a dynamic session aimed at mutual learning and collaboration.

Addressing Current Cyber Risk Factors

One of the central topics of discussion was the current cyber risk landscape and the relevance of threat intelligence in supporting risk assessment and management. Participants continue to identify ransomware as a significant and evolving threat. Unlike in previous years, ransomware attacks have become more automated, reducing the skill level required for execution. This shift poses a growing challenge for organisations and underscores the need for robust defence mechanisms, although as was later discussed, firms have varying degrees of sophistication when it comes to resilience.

Evaluating Threat Intelligence

The effectiveness of threat intelligence in improving cyber risk assessment was a key point of debate. While opinions varied, there was a consensus on the importance of trusting and working closely with a select number of threat intelligence providers. This approach helps organisations manage and interpret the vast amounts of data more effectively, leading to better-informed cybersecurity strategies.

Navigating the Regulatory Landscape

The regulatory environment for cybersecurity is becoming increasingly complex, particularly for the financial services sector. Discussions touched on the introduction of new regulations such as the AI Act and various global data privacy laws. These regulations bring varying reporting requirements, with European entities facing stricter timelines compared to their counterparts in other regions. Understanding and adapting to these regulatory demands is crucial for maintaining compliance and ensuring robust cybersecurity practices.

Embracing Technological Innovations

Innovation in cybersecurity tools and methods was another focal point. Fortinet's significant investment in global patents and the integration of AI into their security solutions was highlighted as a testament to the industry's commitment to innovation. Participants recognised the need for continuous advancement in cybersecurity technology to keep pace with evolving threats.

Enhancing Market Collaboration

The event featured an interactive polling segment, engaging participants and gathering real-time insights on various topics. This interactive approach not only made the session more engaging but also provided valuable data on the collective mindset of the attendees. The importance of embedded digital risk protection solutions was particularly emphasised, along with the variability amongst firms.

Concluding the Gathering

The session concluded with a roundtable discussion, where attendees shared their opinions and insights on the topics covered. One of the key and consistent outputs from the roundtable discussion was that many firms are relatively unsophisticated, when it comes to cyber risk management and that there can be a real reliance on the insurance sector to provide support and insight. The final segment underscored the value of collective wisdom and collaborative efforts in addressing cybersecurity challenges. All materials and results from the session would be shared post-event, ensuring that the knowledge gained would be accessible for future reference.

The LMF Cyber Insurance Practice Group's Summer gathering yet again proved to be a fruitful platform for cyber insurance professionals to exchange knowledge, discuss current challenges, and explore collaborative solutions. As the cyber risk landscape continues to evolve, such Group sessions play a crucial role in enhancing the industry's collective resilience and response capabilities.

Roger invited Members of the Group to table some topics/themes to be discussed at future sessions and gave thanks to Ricard and Kash, along with all Members of the Practice Group.