Human error sparks high number of data-breach notifications in Australia

Human error sparks high number of data-breach notifications in Australia

Human error sparks high number of data-breach notifications in Australia

Risk managers need to focus as much on people as machines when working out how to prevent data breaches, because human error is the second-highest overall source of the problem – and in some sectors the highest – according to the second quarterly report into notifiable data breaches, issued by the Office of the Australian Information Commissioner (OAIC). The commissioner…

CNA Hardy appoints Buege to head new specialty unit

CNA Hardy appoints Buege to head new specialty unit

CNA Hardy appoints Buege to head new specialty unit

Commercial insurer CNA Hardy has appointed Rhonda Buege to head up a new unit that will focus on specialty business and healthcare. The new division will house all of CNA Hardy’s existing healthcare and specialty lines products from the Lloyd’s and London company market, including medical malpractice, technology, life science, cyber and financial lines. Ms Buege will head the specialty…

Chubb expands cyber response network

Chubb expands cyber response network

Chubb expands cyber response network

Chubb has expanded its global network of cyber incident response firms, increasing service to cover more than 50 countries in Europe, North and South America, Asia-Pacific and Africa. Chubb said the expansion will meet the growing threat of cyber risks faced by commercial policyholders. The insurer has launched a mobile app and a website for policyholders to report cyber breaches…

Firms’ cyber resilience fails to learn lessons of past breaches: survey

Firms’ cyber resilience fails to learn lessons of past breaches: survey

Firms’ cyber resilience fails to learn lessons of past breaches: survey

Only 13% of company executives across the world are confident that their firm has acted on lessons learnt from cyber breaches, according to a new survey by The Economist Intelligence Unit (EIU) and Willis Towers Watson. The survey also finds that European respondents believe a dedicated team should oversee cyber risk management, while those in other parts of the world…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

New man to head up Beazley’s APAC operations

New man to head up Beazley’s APAC operations

New man to head up Beazley’s APAC operations

Specialist insurer Beazley has appointed Lucien Mounier to leads its operations in Asia-Pacific. Mr Mounier has been based in Paris for the past two years, where he has been in charge of Beazley’s cyber and technology insurance lines. This business has been mostly based in continental Europe but has recently grown to include Asia, hence Mr Mounier’s recent promotion. He…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

Cyber risk management falls behind threat level, finds Marsh survey

Cyber risk management falls behind threat level, finds Marsh survey

Cyber risk management falls behind threat level, finds Marsh survey

Businesses are more concerned about cybersecurity today than two years ago, according to a new global survey from Marsh and Microsoft, but only a fifth of organisations are highly confident about managing and responding to the threat. Marsh said the survey confirms a “misalignment” between high levels of cyber risk awareness and risk mitigation and risk management. “Cyber risk management…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

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