The rise of Connected Risk, reflected in multi-class events such as Harvey and WannaCry, is poised to shake up-regulation in an unprecedented manner.

Regulation is moving away from "old-world regulation" focusing on the when and what of a risk, towards a "new-world regulation", analysing whether a risk contains the 'risk drivers' (natural perils, political violence, trade credit, supply chain and cyber) that will combine to create financial, operational and reputational loss.

Yet, there is a change coming. Transport for London's decision to revoke Uber's London licence is a glimpse of the more muscular approach, that regulators need to adopt in the connected world.