Lloyd's of London Cyber Insurance Requirements and Underwriting Standards C5: Develop cyber expertise across the three lines of defence and retain accountability

Firms materially exposed to cyber underwriting risk understand the evolving cyber landscape and show continued commitment to developing knowledge of affirmative and non-affirmative cyber underwriting risk, proportionate to the level of risk and any growth targets, across business, risk management and audit. Whatever external advice is used, responsibility and accountability for the risk stay with the firm, and the board oversees the effectiveness of risk management and controls in this area.