Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Cyber risk awareness is growing and more money is being spent on mitigation but this is not yet leading to a reduction in the risk, John Doyle, president and CEO of Marsh, told delegates at an OECD conference in Paris yesterday. Business, the insurance industry and governments need to rethink their approach to cyber risk and work more collaboratively to…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK corporate insurance buyers have avoided the hefty rate rises some predicted following record catastrophe-driven losses in the insurance and reinsurance markets last year, with the market largely flat, according to line-by-line analysis by Willis Towers Watson. However, with rate rises failing to materialise, buyers may instead face more selective underwriting as insurers focus on costs and reassess the quality…

Cyber breaches take on new forms, warns Beazley

Cyber breaches take on new forms, warns Beazley

Cyber breaches take on new forms, warns Beazley

Cyber hacks and malware were the most common cause of data breach in 2017, according to Beazley, accounting for 36% of incidents reported by its clients last year, followed by accidental disclosure at 28%, and insider breach and social engineering at 10% each. The insurer’s latest analysis also reveals three growing cyber threats to business, in the form of payroll…

AMRAE teams with insurers and others to boost cyber response

AMRAE teams with insurers and others to boost cyber response

AMRAE teams with insurers and others to boost cyber response

Risk managers and insurers need to accelerate the development of cyber risk culture within their organisations, clearly explain the content of different cyber coverage options to allow easier comparisons and strengthen trust between cyber policyholders and transfer partners, according to a group of leading French experts. A working party is being created, led by the French Insurance Association (FFA) and…

French risk and insurance management community leads the way on cyber

French risk and insurance management community leads the way on cyber

French risk and insurance management community leads the way on cyber

The French risk and insurance management community deserves a big pat on the back for its ongoing efforts to sort out the cyber insurance market and make it fit for purpose for risk managers in France and across Europe. Cyber is clearly a hugely important matter for the European corporate risk management community. It offers a great opportunity for individual…

Losses and GDPR drive demand for cyber cover in France

Losses and GDPR drive demand for cyber cover in France

Losses and GDPR drive demand for cyber cover in France

Demand for cyber insurance is growing in France, boosted by large cyberattacks and changing regulation. But French corporate insurance buyers continue to have concerns around ‘silent cyber’ and claims. Fighting to stop the spread of the WannaCry ransomware in May 2017, French car manufacturer Renault was forced to halt production. Other French companies were affected by similar attacks last year,…

Cyber risk management falls behind threat level, finds Marsh survey

Cyber risk management falls behind threat level, finds Marsh survey

Cyber risk management falls behind threat level, finds Marsh survey

Businesses are more concerned about cybersecurity today than two years ago, according to a new global survey from Marsh and Microsoft, but only a fifth of organisations are highly confident about managing and responding to the threat. Marsh said the survey confirms a “misalignment” between high levels of cyber risk awareness and risk mitigation and risk management. “Cyber risk management…

Ferma plans moves to boost cyber insurance

Ferma plans moves to boost cyber insurance

Ferma plans moves to boost cyber insurance

Ferma is planning guidance on buying cyber insurance to help risk managers obtain cover that better reflects their needs. Following the publication of its cyber risk management and governance guide in June 2017, Ferma envisages publishing guidance later this year on purchasing cyber insurance. The report would be intended as a tool to help risk managers compare different cyber insurance…

AMRAE publishes GDPR and cyber research

AMRAE publishes GDPR and cyber research

AMRAE publishes GDPR and cyber research

The French risk management association AMRAE has published a technical guide to the General Data Protection Regulation (GDPR), with more cyber risk-related research in the pipeline. AMRAE published its GDPR technical guide in partnership with CGI business consulting. The paper provides risk managers with a guide to implementing the GDPR in France. It covers the basics of the GDPR, but…

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