New framework to help boards avert losing battle against cyber risk

New framework to help boards avert losing battle against cyber risk

New framework to help boards avert losing battle against cyber risk

Boards are losing the battle against cybercriminals, warns a new report from The CityUK and Marsh, which puts forward a new framework to help board members advance cyber risk management. Launching the report and framework, John McFarlane, chairman of The CityUK, which represents UK-based financial and related professional services, said cybercrime is a clear and present danger to society and…

Insurers and brokers say clients can’t measure cyber risk

Insurers and brokers say clients can’t measure cyber risk

Insurers and brokers say clients can’t measure cyber risk

Insurance buyers, and consequently their risk transfer partners, are struggling to measure cyber risk and are therefore largely in the dark about its financial impact, according to a new survey of insurers and brokers by Secure Systems Innovation Corporation (SSIC). The survey also finds that the insurance industry needs to properly address non-affirmative cyber cover and that a series of…

Beazley and DAC Beachcroft launch GDPR hotline

Beazley and DAC Beachcroft launch GDPR hotline

Beazley and DAC Beachcroft launch GDPR hotline

Cyber liability insurer Beazley has partnered with law firm DAC Beachcroft to launch a free General Data Protection Regulation (GDPR) helpline for its Beazley Beach Response (BBR) clients in the UK. Ahead of the GDPR’s implementation on 25 May 2018, the helpline has been set up to ensure clients are in compliance with the regulation and highlight any areas that…

NSIT updates popular Cybersecurity Framework

NSIT updates popular Cybersecurity Framework

NSIT updates popular Cybersecurity Framework

The US Framework for Improving Critical Infrastructure Cybersecurity, which is popular with multinationals and is also used by companies in other countries, has been updated.  The new version includes updates on identity and authentication, self-assessment of cybersecurity risk and cybersecurity management within the supply chain. Version 1.1 of the framework was released last week by the US National Institute of…

UK manufacturers call for help in battle against growing cyber risk

UK manufacturers call for help in battle against growing cyber risk

UK manufacturers call for help in battle against growing cyber risk

A report by manufacturers’ organisation EEF and AIG warns that the UK manufacturing sector is least prepared for cyber risk and urges government to step in and help out. The statements follow a new survey that shows half of UK manufacturers have experienced a cybersecurity incident and one quarter suffered either financial loss or disruption as a result. The manufacturing…

European Risk Frontiers survey already throwing up surprising results – take part!

European Risk Frontiers survey already throwing up surprising results – take part!

European Risk Frontiers survey already throwing up surprising results – take part!

Our annual european risk Frontiers survey of Europe’s leading risk managers, sponsored again by HDI Global, is this year being expanded to include a wider range of risk professionals by adding snap polls at industry events and online Q&As with our readers. This approach has already produced some interesting results that we believe will pose serious questions for the insurance…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

Facebook scandal and GDPR raise privacy risk levels

Facebook scandal and GDPR raise privacy risk levels

Facebook scandal and GDPR raise privacy risk levels

The Facebook privacy scandal is a stark reminder to risk managers that implementation of tough EU data protection rules next month under the General Data Protection Regulation (GDPR) is expected to significantly increase privacy and data breach liability in Europe. Following a year of large data breaches and ransomware attacks, news broke last month that data belonging to up to…

Munich Re covers AI online fraud payment detection software to boost cyber defences

Munich Re covers AI online fraud payment detection software to boost cyber defences

Munich Re covers AI online fraud payment detection software to boost cyber defences

Munich Re’s Great Lakes Insurance has insured a new artificial intelligence (AI)-driven algorithm that detects fraudulent online payments and should boost businesses cyber defences. The software has been developed by German-Israeli startup Fraugster. Munich Re said it has tested the algorithm – which can separate a fraudulent online payment from an authentic payment within milliseconds – and will cover Fraugster…

UK’s NHS yet to implement WannaCry cyber lessons

UK’s NHS yet to implement WannaCry cyber lessons

UK’s NHS yet to implement WannaCry cyber lessons

The UK’s National Health Service (NHS) remains at risk of another WannaCry-style cyberattack after failing to implement lessons learned from the ransomware that struck almost a year ago, according to a new report from a cross-party committee of MPs. The Public Accounts Committee said the NHS is just as unprepared today for a major cyberattack as before WannaCry, which took…

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