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This year’s report includes for the first time London-market central service providers, in recognition of the fact that many insurance companies operating in the London / Lloyd’s market use the same third‑party technology platforms to run business services. Clearly, this creates a systemic risk in the shared supply chain—any breach of cybersecurity at a central service provider could quickly ripple through large numbers of insurance firms, exposing them in turn.
In this second annual survey of the cybersecurity readiness of the UK insurance industry, Northdoor and RiskXchange have again used the RiskXchange Cyber Risk Rating platform to benchmark a representative sample of companies. As before, the goal of the report is to help companies within the UK Insurance industry understand how they stack up against their peers in terms of cybersecurity maturity.
The RiskXchange ratings, based on readily available public open-source data, represent an aggregate measure of security risk across brokers, MGAs/cover-holders, and carriers within the UK insurance industry. The ratings should be treated as just one element within a broader cyber-risk identification and assessment programme, which can help monitor organisational and third-party risks.
We trust that you will find value in the 2021 Cyber Risk Assessment of the UK Insurance Industry report, and we look forward to helping you assess and improve your organisation’s cyber-risk posture.