A clear majority of board directors and general counsels (GCs) agree corporate risk has increased significantly in the past two to three years, and 30% fear their business is not prepared to tackle the most serious issues, according to a new report from Clyde & Co and Winmark. The report is based on a survey and compares views of risk…
Cyberspace has become a dangerous source of crime and disruption. Data breaches are increasing both in terms of size and frequency, and companies need to rethink their risk strategies, especially when it comes to cybersecurity and insurance protection. Businesses can no longer simply rely on existing traditional insurance coverages such as general liability or property, and should be looking at…
The Institute of Risk Management (IRM) wants to “kick-start” risk manager skills for the digital age with a relaunched cyber group and new digital risk management certificate. The Cyber Risk Special Interest Group, which held its inaugural meeting last month, will initially focus on cyber risk in the context of enterprise risk management (ERM). The group, which meets again in…
UK companies must ensure they have done everything possible to protect their business from Brexit or face lawsuits brought by disgruntled investors, governance expert Mactavish has warned, adding that it fears many firms are not taking this risk seriously enough…
US pharmaceutical company Merck is in dispute with insurers over losses it sustained during the 2017 NotPetya attack. Commercial Risk Europe understands the company has instigated legal proceeding in the US against its property insurers, which have denied the claim after citing a war clause…
Cybersecurity firm CyberScout has announced two new partnerships with insurers, which it claims will help form a new model for the distribution of cyber insurance for small and medium-size businesses (SMEs) in southeast Asia. The two insurers, Philippines-based Pioneer Insurance and Surety and Taiwan’s MSIG Mingtai, have struck an agreement whereby CyberScout’s cyber services will be incorporated into the respective…
Jing An Special Risks (JASR), a Hong Kong-based specialty insurer, has been awarded a licence by the Philippines Insurance Commission to offer cyber and terrorism cover to corporate clients in the country. “Our products intend to cover businesses against the following threats: war and terror, cyber, kidnap and ransom, marine piracy, and crisis response,” stated Gene Yu, JASR chairman and…
Global average commercial insurance prices rose by 2% in Q4 2018, marking the fifth consecutive quarter of increases and the biggest rise since Marsh started its Global Insurance Market Index in 2012…
The value of worldwide insurtech deals increased 155% in Q4 2018 to $1.59bn, with the number of deals up 24% to 63, according to Willis Towers Watson. In a quarterly briefing on the insurtech sector, Willis Towers Watson said the fourth quarter of last year saw the second-highest level of investment since Q2 2015. Although the number of insurtech deals…
A new cyber threat has emerged, whereby criminals claim to have evidence of employees using pornographic websites at work and use blackmail to extort money in return for keeping the information under wraps, warns Beazley. Beazley Breach Response (BBR) Services was notified of several such cases of so-called ‘sextortion’ in the last quarter of 2018. The demands were for cryptocurrency…