Internet-enabled home appliances should carry cybersecurity warnings, says UK police chief

Internet-enabled home appliances should carry cybersecurity warnings, says UK police chief

Internet-enabled home appliances should carry cybersecurity warnings, says UK police chief

Internet-enabled home appliances should carry cybersecurity ratings, similar to those for energy efficiency, a leading UK police chief has claimed. According to a report in UK newspaper The Guardian, Durham’s chief constable Mike Barton said new technology within the home, and the internet of things, mean consumers are more at risk from fraud and hackers. Consumers should be fully informed…

XL Catlin launches cyber insurance in Asia-Pacific

XL Catlin launches cyber insurance in Asia-Pacific

XL Catlin launches cyber insurance in Asia-Pacific

Bermuda-based insurer XL Catlin has unveiled a cyber and data protection insurance policy for Asia-Pacific. The policy covers business interruption and associated extortion demands arising from a network compromise, as well as both the first-party incident response costs and third-party liability. The first-party costs include notification, forensic investigation and public relations support, while the potential liability covered under the policy…

Insurance industry must get on top of connected risks to better deliver for clients

Insurance industry must get on top of connected risks to better deliver for clients

Insurance industry must get on top of connected risks to better deliver for clients

The insurance market is facing an existential threat from changing and connected risks and must rapidly change its approach in order to deliver relevant cover for risk managers before losing relevance, according to a high level meeting of industry executives. Speaking at the Lloyd’s of London Old Library, experts from the world of risk transfer warned that its inability to…

Insurers urged to radically change approach to cyber and shift focus to risk not line of business

Insurers urged to radically change approach to cyber and shift focus to risk not line of business

Insurers urged to radically change approach to cyber and shift focus to risk not line of business

Insurers must rethink their approach to cyber risk insurance, according to a new research report by KPMG, which warns that the industry is currently lacking innovative solutions and is “playing catch-up” with the pace of cyber threats. The report also stresses that the scale and scope of cyber risk will have a huge effect on the insurance industry, driving fundamental…

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Cyber attacks could cost as much as a natural disaster: Lloyd’s

Asia continues to be underinsured against cyber attacks despite recent research that puts the cost of such an attack as equivalent to a natural disaster. The report from insurer Lloyd’s and risk modelling firm Cyence – Counting the cost: Cyber exposure decoded – estimates the potential economic impact from two different cyber attack scenarios in an attempt to underline just…

FedEx confirms material losses and no insurance cover for Petya attack

FedEx confirms material losses and no insurance cover for Petya attack

FedEx confirms material losses and no insurance cover for Petya attack

Global delivery company FedEx said losses from last month’s ransomware attack that brought down systems at its TNT Express division are likely to be material to its 2017 financial results, and confirmed that the company does not have insurance to cover the costs. TNT Express, an international small-package delivery company that FedEx acquired in May last year, is still not…

Cyber attack could cause $53bn loss on par with major storm such as Sandy: Lloyd’s

Cyber attack could cause $53bn loss on par with major storm such as Sandy: Lloyd’s

Cyber attack could cause $53bn loss on par with major storm such as Sandy: Lloyd’s

Losses from a major global cyber attack could be on the scale of a major natural catastrophe such as Superstorm Sandy, according to a new report from Lloyd’s and cyber risk firm Cyence. Estimating losses from two different cyber attack scenarios, the report said a sophisticated and malicious hack that takes down a cloud service provider could cause losses totalling…

Risk managers brace for consumers to activate GDPR rights

Risk managers brace for consumers to activate GDPR rights

Risk managers brace for consumers to activate GDPR rights

Risk managers preparing for the introduction of the EU’s General Data Protection Regulation (GDPR), including those working for insurance companies, will have to bear in mind the results of a new survey that reveals that almost half of UK consumers will activate various rights over their personal data under the new law. The poll, conducted by SAS, found that 33%…

Technology risks require deeper partnership

Technology risks require deeper partnership

Technology risks require deeper partnership

Insurance solutions for emerging technologies will require closer partnerships between those in the risk transfer chain, as well as more information sharing, according to Jason Harris, chief executive, international at XL Catlin. But while new technology will change the risk landscape, it may help to help reduce the cost of insurance and improve service at carriers, he told Commercial Risk…

Beazley targets European growth as it creates Dublin-based insurer

Beazley targets European growth as it creates Dublin-based insurer

Beazley targets European growth as it creates Dublin-based insurer

Beazley is converting its existing Dublin-based reinsurance company into an insurance operation after receiving regulatory approval from Irish regulator, the Central Bank of Ireland. Beazley said under the renamed Beazley Insurance dac it will underwrite non-life insurance throughout the EU in addition to its Lloyd’s operations, which will continue to write EU business through Lloyd’s’ proposed insurance company in Brussels,…

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