Lloyd’s of London restarts network after suspicious activity • The Register

Lloyd’s of London has reset its IT systems and is investigating a possible cyber attack against them after noticing worrying network behavior this week.

“Lloyd’s has detected unusual activity on its network and we are investigating the issue,” a spokesman said The registry on Thursday. “As a precautionary measure, we are resetting Lloyd’s network and systems. All external connectivity has been shut down, including Lloyd’s delegated authority platforms.”

The UK-based insurance marketplace, which is made up of around 80 underwriting syndicates, added: “We have informed market participants and relevant parties and will provide more information once our investigations are complete.”

The Lloyd’s spokesman would not be given further immediate details regarding the security flaw, including whether data was stolen, whether it was a ransomware attack and who might have been behind the intrusion.

The insurance market has supported sanctions against Russia aimed at punishing President Vladimir Putin for invading neighboring Ukraine. These include a ban by the UK and European Union on insuring ships carrying Russian oil.

Furthermore, news of the strange activity of the Lloyd’s network comes shortly after a warning from Kyiv that Russia is planning “massive cyberattacks” on Ukraine and its allies’ critical infrastructure and power grids.

The strange network traffic in the insurance souk follows several high-profile cyberattacks in recent months, hitting a major US healthcare network, the Los Angeles Unified School District, Uber and Rockstar Games.

Even before a possible IT breach was discovered, Lloyd’s had been in the infosec headlines since late August after making changes to its policies that would soon ban its syndicates from covering losses caused by certain nation-state cyberattacks and those that take place during wars arise.

In a memo sent to its syndicates, underwriting director Tony Chaudhry said Lloyd’s remains “strongly supportive” of cyberattack reporting. However, as these threats continue to rise, they could “expose the market to systemic risk that syndicates may struggle to manage,” he added [PDF]noting that nation-state-sponsored attacks are particularly expensive to insure.

According to Lloyd’s 2021 annual report, the company earned £39.2bn ($45bn) in gross written premiums and £2.3bn ($2bn) in pre-tax profit. ®

https://www.theregister.com/2022/10/07/lloyds_london_security_incident/ Lloyd’s of London restarts network after suspicious activity • The Register

Rick Schindler

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