Security Experts:

Insurance Giant Lloyd's of London Investigating Cybersecurity Incident

Insurance giant Lloyd’s of London is investigating a cybersecurity incident that has forced it to disconnect some systems.

The company says it has detected unusual activity and decided to ‘reset’ its network and systems as a precaution. It shut down all external connectivity, including its delegated authority platforms, in response to the incident.

“Following the unusual activity detected on Lloyd’s network, our precautionary work to secure systems has been completed overnight,” a Lloyd’s spokesperson told SecurityWeek on Thursday.

“Working with specialist partners and a dedicated team, we are currently evaluating the best options for reconnecting these systems. and we continue to investigate the issue. We continue to keep market participants and relevant parties updated,” the spokesperson added.

The company has not shared any details, but the actions taken in response to the incident suggest that it may have been targeted in a ransomware attack.

Lloyd’s would not be the first major insurance firm to be targeted by malicious hackers. Earlier this year, Pan-American Life Insurance Group (PALIG) was targeted by a ransomware group, and Aon also announced experiencing a cyber incident, but it told SecurityWeek at the time that it was not a ransomware attack.

Lloyd’s announced recently that it will require its underwriters to include exclusion clauses for state-backed cyberattacks in future cyberinsurance policies.

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.