New warning that boards are unprepared for cyber attack

New warning that boards are unprepared for cyber attack

New warning that boards are unprepared for cyber attack

Key decision makers do not have confidence in their boards’ ability to manage cyber security threats, according to analysis from Control Risks. The global Cyber Security Landscape survey of IT and business decision makers found almost half of respondents reporting their organisation’s board-level executives do not take cyber security as seriously as they should. This is despite 77% of respondents…

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,…

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

The largest ever global cyber espionage campaign, that specifically targeted supply chains to access thousands of organisations across the world, has been uncovered. Details of the attack, which started to emerge in late 2016, have been confirmed by PwC and BAE Systems. The firms worked together with the UK’s National Cyber Security Centre (NCSC) to uncover details of the attack.…

Blockchain provides new opportunities for insurance industry

Blockchain provides new opportunities for insurance industry

Blockchain provides new opportunities for insurance industry

The opportunities and risks for engaging in blockchain and distributed ledger technology projects in the insurance sector have been highlighted in a new report. Blockchain has been the buzzword in the fintech community for some time, however law firm Pinsent Masons and Applied Blockchain, which launched the research, are warning that while there is great potential for smart contracts to…

Insuring cyber risk is an unlikely contender to drive premium growth in Botswana

Insuring cyber risk is an unlikely contender to drive premium growth in Botswana

Insuring cyber risk is an unlikely contender to drive premium growth in Botswana

Botswana is among five Sub Saharan African (SSA) economies that improved their Global Competitiveness Index rankings by three to six positions and their scores by 2% or more, according to the World Economic Forum’s Global Competitiveness Report (GCR) 2015/2016. The country climbed five places to 64th (out of 138 global participants), thanks to year-on-year improvements in infrastructure, higher education and goods market efficiency.

Managing cyber risk challenges within reach: Swiss Re

Managing cyber risk challenges within reach: Swiss Re

Managing cyber risk challenges within reach: Swiss Re

Risk managers and insurers are within reach of tackling the challenges and complexities posed by cyber risks, according to a new report by Swiss Re’s sigma. However, the report warns that business must work harder to integrate cyber security into risk management programmes and called on insurers to develop more effective cover. The report adds that despite progress on the…

Risk managers must understand true extent of cyber threat

Risk managers must understand true extent of cyber threat

Risk managers must understand true extent of cyber threat

Too many African risk managers and their companies fail to understand the true threat of a cyber attack, warns security boss Dan Thornton. Speaking exclusively to Commercial Risk Africa, Mr Thornton, a director at GoldPhish, said many companies consider cyber attacks in the context of business interruption. Acknowledging that these can be massive, he said however that firms need to…

Insurers must adapt if they are to meet insureds’ demands for the future

Insurers must adapt if they are to meet insureds’ demands for the future

Insurers must adapt if they are to meet insureds’ demands for the future

  Insurers across Africa need to be preparing now for massive changes ahead, warns one South African insurance boss. Stuart Wenman, managing director insurance [Africa] at Liberty Holdings, told Commercial Risk Africa: “The risks on the general insurance side of the business are changing. “Motor insurance could be wiped out in the next ten years because the case for owning…

Executives at risk from new liability scenarios and anti-corporate litigation culture

Executives at risk from new liability scenarios and anti-corporate litigation culture

Executives at risk from new liability scenarios and anti-corporate litigation culture

New risks such as cyber incidents or data privacy, rising regulatory and shareholder activism, and the influence of third-party litigation funders are putting corporate leaders under more pressure than ever of falling foul of investigations, fines or prosecution over alleged wrongdoing, warns Allianz Global Corporate & Specialty (AGCS).