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...