Outcomes

Cyber Insurance Practice Group: From Threat to Loss – Event Highlights

11th March 2026 – The Campanelle Restaurant, London

Members of the London Market cyber insurance community gathered on 11th March 2026 at The Campanelle Restaurant, Billiter Street, for the latest LMF Cyber Insurance Practice Group breakfast roundtable, “From Threat to Loss: Underwriting Emerging Cyber Risks.”

Convened and hosted by Roger Oldham, Founder and CEO of London Market Forums (LMF), the session brought together leading cyber insurance underwriters and brokers for a candid and collaborative discussion on how the Market can better anticipate, assess and underwrite emerging cyber risks before they translate into significant loss events.

Delivered in partnership with NCC Group, the discussion was supported by expert threat intelligence from Matt Hull, Vice President of Cyber Intelligence & Response, alongside contributions from Chantal Constable, Head of Financial Services & Insurance, and Paul Darwin, Strategic Account Director for Financial Services & Insurance. The roundtable provided a trusted forum for participants to share insight on the evolving cyber risk landscape and its implications for underwriting, pricing and portfolio exposure.

The Changing Nature of Cyber Risk

The session opened with an overview of the current cyber threat environment, highlighting how cyber incidents continue to evolve both in frequency and severity. While ransomware remains one of the most prominent threats facing organisations, the nature of these attacks has changed significantly. Increasingly, attackers are focusing on data exfiltration and extortion rather than purely operational disruption, seeking to monetise stolen information rather than simply encrypting systems.

Participants discussed how the financial severity of cyber incidents continues to grow, with a rising proportion of incidents now resulting in losses exceeding £1 million. This shift is reshaping how insurers assess exposure and portfolio aggregation. The discussion also explored how the wider cybercrime ecosystem has matured, with tools, malware and stolen credentials now widely traded on underground marketplaces, lowering barriers for attackers and increasing the scale of potential threats.

Identity: The New Cyber

A key theme emerging from the conversation was the role of identity and access management as a critical vulnerability in many cyber incidents.

Credential theft, weak authentication processes and social engineering remain among the most common entry points for attackers. Despite increasing awareness of cyber risk, many organisations still lack robust implementation of basic controls such as multi-factor authentication (MFA).

Attendees reflected that strengthening identity security, awareness and education amongst employees, may represent one of the most effective ways organisations can reduce exposure to cyber incidents.

Supply Chain Risk and Hidden Vulnerabilities

The discussion also focused on the growing cyber exposure associated with third-party supply chains.

As organisations increasingly rely on external vendors, technology platforms and outsourced services, vulnerabilities within supplier networks can introduce significant risk.

Participants highlighted that while organisations often conduct security checks during supplier onboarding, the ongoing monitoring and offboarding of systems and infrastructure is frequently overlooked, leaving legacy systems or unused assets exposed.

This can create unexpected vulnerabilities, particularly where outdated infrastructure remains accessible long after a supplier relationship has ended.

Nation-State Activity and Critical Infrastructure

The roundtable also explored the rising impact of nation-state cyber activity, particularly within sectors linked to critical national infrastructure. Threat intelligence suggests that sophisticated actors are increasingly seeking to establish long-term access within infrastructure environments, positioning themselves within networks well in advance of any disruptive activity. For organisations operating in sectors such as energy, telecommunications and financial services, this evolving threat landscape is prompting a shift in how cyber risk is assessed and managed.

Preparing for the Reality of Cyber Incidents

Beyond the technical aspects of cyber risk, the discussion also considered the organisational response to cyber incidents. Participants reflected on the importance of crisis preparedness, scenario testing and response planning, recognising that cyber events can quickly escalate into business continuity and reputational challenges. Ensuring organisations have robust communication plans and alternative communication channels in place during an incident was identified as a key component of effective crisis management.

Supporting a Sustainable Cyber Insurance Market

In keeping with the LMF roundtable format, the session encouraged open and confidential discussion among attendees, exploring how emerging cyber threats are influencing underwriting practices and market strategy. Key areas of discussion included:

• Emerging cyber threat intelligence trends
• Evolving attacker behaviours and tactics
• Implications for underwriting portfolios and aggregation risk
• The impact on pricing, coverage design and claims severity
• The importance of maintaining sustainable cyber insurance capacity

Looking Ahead

Closing the session, Roger Oldham thanked NCC Group for their partnership and the attendees for their contributions to the discussion.

As cyber threats continue to evolve in complexity and scale, sessions such as the LMF Cyber Insurance Practice Group play an important role in bringing together underwriters, brokers and cyber specialists to share insight, strengthen collaboration and support informed decision-making across the Market.

By fostering open discussion and knowledge sharing, London Market Forums continues to provide a trusted platform for the EC3 community to engage with the critical issues shaping the future of the insurance industry.

If you’re not already part of this interactive Market community, get in touch today to find out how you can join the LMF conversation at the heart of the London Market.