Lloyd’s opens Toronto office and highlights the digital threat

December 2, 2010

by Gill Montia

Story link: Lloyd’s opens Toronto office and highlights the digital threat

Lloyd’s has opened a new office in Toronto, having been a leading provider of commercial insurance in the Canadian market for many years.

The expansion aims to build relationships and support Lloyd’s underwriters in Canada’s largest commercial centre.

Also this week, Lloyd’s has warned that it is important to know the enemy to understand the nature of the digital threat.

Technology and cyber liability underwriter at Ace European Group, Iain Ainslie, says: “They’re not just spotty teenagers sitting in their back bedrooms anymore … these are large-scale industries targeting companies and individuals.”

According to Mr Ainslie: “From organised criminal gangs designing malware to fraudulent employees in the midst of an organisation, the threat to digital systems and data can come from all directions.”

Lloyd’s senior IT manager, Marcus Alldrick, adds: “The big story this year was the Stuxnet computer worm, which attacked Iran’s nuclear facilities.”

Described as “one of the most refined pieces of malware ever discovered”, Mr Alldrick explains: “It was targeted at a specific control system but if you look behind it, it was very sophisticated and the analysts are now saying a lot of time, energy and money was spent designing, writing and flowing it out.”