IBM develops tools to help clients deal with GDPR

IBM develops tools to help clients deal with GDPR

IBM develops tools to help clients deal with GDPR

IBM Resilient has developed capabilities to help clients prepare for new data rules under the European Union’s General Data Protection Regulation (GDPR), which takes effect in May 2018. IBM said an incident response capability has been established to address the new requirements, explaining that the “GDPR is one of the biggest changes in data privacy law in decades”. IBM said…

TMK launches VFX and post-production media insurance

TMK launches VFX and post-production media insurance

TMK launches VFX and post-production media insurance

Tokio Marine Kiln (TMK) has launched a hybrid product, VFX and Post-Production Media Insurance, for companies specialising in online or offline editing and digital content. Post-production media insurance, which combines traditional commercial insurance with cyber and reputational management cover, was designed to address the need for insurance cover in the face of cyber attacks and accidental security breaches. Policyholders will…

HDI Global will extend cyber offering to 14 countries by year-end as demand rockets

HDI Global will extend cyber offering to 14 countries by year-end as demand rockets

HDI Global will extend cyber offering to 14 countries by year-end as demand rockets

Germany-based international industrial insurance group HDI Global plans to offer its cyber insurance solutions for corporate and mid-market customers in 14 countries by the end of this year, after successfully launching into the German-speaking markets in 2013. Last year, the group launched its cyber activities in France, the Netherlands, Belgium, Australia and the UK. Most recently it pushed into Japan…

Philippine regulator calls for new cyber products as worldwide demand rises

Philippine regulator calls for new cyber products as worldwide demand rises

Philippine regulator calls for new cyber products as worldwide demand rises

Philippine Insurance Commissioner Dennis Funa has urged insurance companies to develop cyber insurance products for businesses in the country following the recent WannaCry ransomware attacks, according to local newspaper reports over the weekend. Mr Funa reportedly said in a statement that the local insurance industry had been too slow to develop cyber insurance products and has left Philippine businesses and…

NZ business leaders urged to take cyber seriously and buy cover

NZ business leaders urged to take cyber seriously and buy cover

NZ business leaders urged to take cyber seriously and buy cover

New Zealand businesses appear to be failing to take adequate action to identify, manage and prevent ransomware attacks, according to latest research from insurer NZI. The insurer’s poll of some 200 New Zealand business leaders, carried out by Kantar TNS, found that they are becoming increasingly concerned about connectivity. But they are doing little to protect their businesses should they…

Companies turning to K&R cover for ransomware in absence of cyber insurance

Companies turning to K&R cover for ransomware in absence of cyber insurance

Companies turning to K&R cover for ransomware in absence of cyber insurance

Corporates without cyber insurance have been turning to their kidnap and ransom (K&R) policies as a means to protect themselves against ransomware in light of the recent WannaCry attacks. A Reuters article reports that a number of insurers have received ransomware claims from customers with K&R insurance. This is due to a rapid increase in ransomware attacks, up by 36%…

African companies warned over WannaCry attack, as South Africa hit hardest

African companies warned over WannaCry attack, as South Africa hit hardest

African companies warned over WannaCry attack, as South Africa hit hardest

South Africa is chief among the countries affected by the WannaCry ransomware attack in Africa, with approximately 83 websites infected, followed by Ivory Coast and Nigeria. Egypt, Algeria and Morocco complete the six countries most affected, while only a small number of attacks were located in the rest of the continent. The most attacked sector in the region was healthcare,…

Cyber insurance could be next big blockbuster, says Allianz

Cyber insurance could be next big blockbuster, says Allianz

Cyber insurance could be next big blockbuster, says Allianz

Cyber insurance promises to be the next big blockbuster in the insurance space, according to Hartmut Mai, chief underwriting officer for corporate lines at Allianz Global Corporate & Specialty. Referencing the recent WannaCry ransomware attack, he said the incident again highlighted how vulnerable companies are to cyber risks and the business interruption that usually follows. “The more the industry integrates…

Uptick in cyber cover take-up noted by US brokers

Uptick in cyber cover take-up noted by US brokers

Uptick in cyber cover take-up noted by US brokers

A steady increase in take-up of cyber insurance among clients is occurring, according to insurance brokers in the US. They also noted that premium prices continue to stabilise. The Council of Insurance Agents & Brokers’ (CIAB) Cyber Insurance Market Watch Survey also found that clients are beginning to ask the right questions as they become more familiar with the risk,…

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