There are a lot of quotes floating around about failure and success, but one that I think has a lot of relevance for the insurance market's approach to Cyber:
“Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.” - Robert T. Kiyosaki
The insurance industry is by it's nature risk averse, and 'taking a punt' on something new is not something you're likely to see too often. However, in order to advance, you need to get things wrong and learn from your mistakes. It sounds like Lloyd's is willing to adopt this approach...
Bolt said by the end of 2016 he expects Lloyd’s to have the one of the most robust ways of thinking about cyber risk in the world. “I think it will be a real benefit to Lloyd’s being one of the best on the planet in thinking about cyber risk,” he said. Lloyd’s has been working with the Lloyd's Market Association (LMA) and managing agents to assess each syndicate's appetite for cyber risk and the potential for aggregations. The first step, assessing each syndicate's exposures in each class, completed on November 30. The second step will be looking for structured processes for understanding cyber attack exposures by class of business which will be part of syndicates' formal risk management frameworks.