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…

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…

New team launches at Brockwell Capital

New team launches at Brockwell Capital

New team launches at Brockwell Capital

Brockwell Capital – a Lloyd’s coverholder and managing general agent that specialises in warranty and indemnity, tax liability and contingent liability insurance for key industry sectors in Europe, the UK and Asia-Pacific – has declared its doors fully open for business after completing its underwriting team. Andrew Graham, also Brockwell’s managing director, and Alex Goodair will join the underwriting desk…

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…

Liberty expands European fine art and specie team to Germany

Liberty expands European fine art and specie team to Germany

Liberty expands European fine art and specie team to Germany

Liberty Specialty Markets (LSM) continues the expansion of its fine art and specie in Europe with the appointment of Ulrike Janvier as senior underwriter in Germany, where she will open the book of business. Ms Janvier joins LSM from AXA Art. The announcement of a German account follows LSM’s launch of fine art and specie accounts in the Netherlands last…

Marsh appoints UK FINPRO leader

Marsh appoints UK FINPRO leader

Marsh appoints UK FINPRO leader

Marsh has named Paul Denny as leader of its UK financial and professional practice (FINPRO). Mr Denny has worked for Marsh since 1989. He most recently headed up northeast US FINPRO and US errors and omissions, where he worked with professional services firms and financial institutions to cover their professional liability and cyber risk programmes. Mr Denny will manage Marsh’s…

New stats show cloud-based office solutions under increasing attack

New stats show cloud-based office solutions under increasing attack

New stats show cloud-based office solutions under increasing attack

Cloud-based office solutions are coming under attack, with the number of employee emails compromised by hackers rising in 2018, according to insurer Beazley. Reporting data breach statistics for the first quarter of 2018, Beazley said businesses using the cloud-based solution for Microsoft Office applications – Office 365 – have found themselves particularly targeted by hackers. Such hack and malware breaches…

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

Chinese e-commerce giant JD.com is to acquire a third of Allianz China General Insurance as part of its push into the financial services sector. The 33.3% stake, which is still subject to government approval, will cost JD.com $85.4m (CNY537m) and will make it the second-largest shareholder in the insurance operation, after Allianz. JD.com, the second-largest e-commerce company in China after…

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

A new Hong Kong-based managing general agent (MGA) has been launched by independent insurer HWI International Group. NuVu Underwriting Hong Kong is set to begin writing business from 1 July 2018, subject to regulatory approval, and will be headed by Jeremy Austen. The MGA will initially concentrate on property, marine, personal accident, fine art, specie and terrorism. While HWI has…

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