Date: 17th March 2021
“Managing agents shall establish an approach to enable the management of cyber risks associated with third parties and external suppliers.”
Typical activities could include:
- categorising third parties and suppliers in order of importance or risk profile;
- agreeing security arrangements with third parties and suppliers and assessing their security capabilities, using a risk-based approach;
- assessing changes to the organisation’s information risk profile, that may result from the onboarding of a new third parties or suppliers.”
Compliance with the Lloyd’s Minimum Standards MS 11 (Cyber Resilience and Data Management) for Cyber Third-Party Management has become a priority for many managing agents. The London Market has quickly moved to a digitally connected ecosystem of third parties over the last 12 months and the importance of third-party cyber management has been highlighted across all industries from recent high-profile exposures that originated with a third party.
Third parties would include the brokers, coverholders and even the Lloyd’s central service providers you rely on.
Watch the webinar on demand to see and hear how the right third-party risk management framework can address the expected activities and requirements for compliance with the Lloyd’s Minimum Standards and support your organisation to securely engage in the increasingly digital and connected London Market.