Microsoft has confirmed that a data breach of its customer service records exposed the details of 250 million logs between Microsoft support staff and customers across the globe. Comparitech said its security team, led by Bob Diachenko, uncovered the breach on 29 December 2019 and notified Microsoft, which closed down the vulnerability over several days on 30 and 31 December.…
The Monetary Authority of Singapore (MAS) has issued a warning to financial institutions of “critical vulnerabilities” in the Microsoft Windows operating system. The authority said vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of computer systems. The MAS has told financial institutions that use the affected operating systems to take “immediate action”…
The insurance industry can play a bigger role in boosting cyber risk management by ensuring it rewards organisations that take the issue seriously and setting minimum security standards, attendees at the World Economic Forum’s (WEF) annual Davos meeting were told this week. The call to arms was made by Pascal Millaire, CEO of cyber risk analytics firm CyberCube, as he…
FM Global will now include industrial control system (ICS) evaluations in clients’ cyber risk reviews to reduce potential risk blindspots. The firm said many ICS, which control critical equipment, were put in place years before safety and efficiency gains, with no view of today’s cybersecurity issues. “Our goal is to help clients minimise industrial equipment failure due to computer malfunction,…
The IRM has advised companies to master the basics of cyber risk management before jumping to innovative solutions promised by AI and other new technology. Mark Clegg, IRM board member and director of safety, risk and resilience at NG Bailey, said companies should first focus on understanding what cyber means for their risk profile and communicating the business risk. He…
Global operations of Belgian textile technology company Picanol have been brought to a standstill following a ransomware attack, and the firm said it will not be able to manufacture any products, largely weaving machines, for at least this week. Picanol said the attack has caused serious disruption to its operations in Ypres, Romania and China. In a statement posted on…
Cyber has been voted the biggest risk facing business globally and in Europe for the first time ever in the Allianz Risk Barometer, replacing business interruption (BI), which has held the top spot for seven years. The 2020 barometer also shows that climate change is the biggest climber globally, placing in its highest-ever position of seventh, while changes to legislation and…
Hiscox has struck a deal to use cyber risk analytics software from CyberCube to provide greater clarity on its cyber accumulation risk and provide more data to assess clients’ exposure. The deal gives Hiscox access to CyberCube’s Portfolio Manager product, including modelling tools and data. CyberCube’s technology will stress test Hiscox’s book of commercial insurance business against cyber-related catastrophe scenarios,…
Sarah Stephens has been appointed as head of cyber, international, within Marsh JLT Specialty, with immediate effect. According to Marsh, in this newly created role she will be responsible for the strategic development and delivery of Marsh JLT Specialty’s cyber insurance and placement capabilities across the business’s international division, which includes all geographies outside North America. She will also work…
Retailer DSG Retail, which owns Currys PC World and Dixons Travel, has been fined £500,000 by the Information Commissioner’s Office (ICO) in the UK after systems were hit by a cyberattack, but the regulator warned that the levy would have been much higher if the incident had fallen under the General Data Protection Regulation (GDPR). Announcing the fine, the ICO…