Experts call for vigilance in ever-changing cyber risks landscape

Panellists at the Financial Times Global Insurance Summit yesterday called for more education on and prevention of cyber risks.

The observations came in the session titled ‘The global risk picture – Exploring new strategies for growth, resilience and profitability’.

Patrick Tiernan, chief of markets at Lloyd’s, said there needs to be honesty from the industry on what can and cannot be protected. He added there is wrongfully a “rush” from some telling the government “get out their cheque book”.

He shared that taking all the extreme cyber events modelled at Lloyd’s and stacking them together would give a loss “still less