Lloyd’s of London has launched an investigation into “unusual activity on its networks” that could possibly be linked to a cyberattack.
The centuries-old insurance marketplace said it has “turned off” all external connectivity and has begun “resetting the Lloyd’s network and systems” as a “precautionary measure,” whilst it investigates the possible hack.
“We have informed market participants and relevant parties, and we will provide more information once our investigations have concluded,” a Lloyd’s spokesperson said.
Lloyd’s failed to offer any further information as to what sort of attack the marketplace could have been subject to or who might be responsible for the possible hack.
One industry source told City A.M. those within Lloyd’s currently seem relaxed about the incident.
The industry source said it remains unclear as to whether Lloyd’s has actually been infiltrated as he suggested the incident could simply be a technical glitch.
City A.M. understands Lloyd’s of London is insured against the risk of a cyberattack.
The London insurer has previously backed sanctions on Russia having worked with Britain and the European Union to shut Russian oil tankers out of the global shipping insurance market.
The insurance market has also played a key part in creating the Black Sea corridors that have let Ukraine export shipments of grain.
Cybersecurity experts have previously warned Russian state-backed hackers have begun pivoting activities in favour of the war effort, by focusing their efforts against Ukraine’s allies.
Lloyd’s itself is set to suffer a £1.1bn financial hit due to claims related to the war in Ukraine.
The insurer in August told market participants to stop providing insurance coverage for state-backed cyberattacks due to the threat such attacks pose to the financial stability of the market.
The ban could hurt hackers profitability in limiting the potential for ransomware payouts from insurance companies.