Lloyd’s and Parima attract 50 risk managers to Philippines event

Lloyd’s and Parima attract 50 risk managers to Philippines event

Lloyd’s and Parima attract 50 risk managers to Philippines event

More than 50 risk managers from across Asia attended the latest Lloyd’s-Parima Professional Development Programme at the end of last month in Manila, reports the Asia-Pacific risk management association. Parima executive director Stacey Huang kicked off the session with an interactive risk management game designed to help the participants see how organisations, teams and individuals handle risk. Participants then pinned…

MAS issues new rules to strengthen cyber resilience of financial industry

MAS issues new rules to strengthen cyber resilience of financial industry

MAS issues new rules to strengthen cyber resilience of financial industry

The Monetary Authority of Singapore (MAS) has issued a set of legally binding mandatory requirements to raise cybersecurity standards and strengthen the cyber resilience of the financial sector. Financial firms based in Singapore will need to put the new risk-based measures in place within 12 months or face sanctions. A number of respondents to the consultation, including insurers and reinsurers,…

ILS market could be ‘critical enabler’ for emerging risks, claims Singapore regulator

ILS market could be ‘critical enabler’ for emerging risks, claims Singapore regulator

ILS market could be ‘critical enabler’ for emerging risks, claims Singapore regulator

The insurance-linked securities (ILS) market is willing and able to pick up significant gaps in cyber and terrorism cover as traditional insurers seek to limit their exposure and, for Asian companies at least, Singapore is the place to go to investigate this potential, according to Gillian Tan, executive director of the Monetary Authority of Singapore (MAS). Singapore enacted rules two…

Singapore and UK join forces in fight against cybercrime

Singapore and UK join forces in fight against cybercrime

Singapore and UK join forces in fight against cybercrime

The Monetary Authority of Singapore (MAS), the Bank of England and the UK Financial Conduct Authority (FCA) have announced that they will work together to strengthen cybersecurity in their financial sectors. The authorities will start work towards a memorandum of understanding to signify this enhanced collaboration. The MAS has also signed agreements with the City of London to cooperate in…

Test the strength of the fintech bridge before you cross: Lagarde

Test the strength of the fintech bridge before you cross: Lagarde

Test the strength of the fintech bridge before you cross: Lagarde

Fintech theoretically offers huge opportunities for the insurance and wider financial services sector to open up its products and services to a far broader spectrum of society, at a lower price than currently available. But the rise of fintech, including insurtech, also carries significant risks – not least concentration risk as the big tech giants move into the financial sector.…

China fears US will wage cyber assault in tandem with trade war

China fears US will wage cyber assault in tandem with trade war

China fears US will wage cyber assault in tandem with trade war

Most cyberattacks on Chinese networks last year originated from the US, according to an annual report released by China’s National Computer Network Emergency Response Technical Team (CNCERT). Xinhua news agency reports that CNCERT, a non-governmental organisation of network security technical coordination, found that 3.34 million computers on the Chinese mainland were controlled by more than 14,000 Trojan or botnet command…

HK investor sues robo-adviser in potential landmark case about AI liability

HK investor sues robo-adviser in potential landmark case about AI liability

HK investor sues robo-adviser in potential landmark case about AI liability

A proposed legal case in Hong Kong could give a significant insight into one of the most debated issues around liability – namely, who do you blame when a robot goes wrong? Hong Kong investor Samathur Li Kin-kan is suing Italian fund manager Raffaele Costa over losses incurred through the latter’s robo-advisory service, where investment decisions are made entirely through…

Delta Insurance launches cyber cover for Asia-Pacific

Delta Insurance launches cyber cover for Asia-Pacific

Delta Insurance launches cyber cover for Asia-Pacific

New Zealand-based specialist insurer Delta Insurance has unveiled a cyber protection and insurance product for businesses in Asia-Pacific. The cyber protection element of the product has been developed in partnership with London-based cybersecurity firm DynaRisk. It will be marketed and distributed from Delta’s New Zealand and Singapore offices. And while the service is aimed at businesses in the region, it…

Swift report shows concentration of bank cyberattacks in southeast Asia

Swift report shows concentration of bank cyberattacks in southeast Asia

Swift report shows concentration of bank cyberattacks in southeast Asia

Banking cooperative Swift, which runs the global network for interbank payments, has issued a new report on bank-focused cyberattacks, which shows that four out of five of all fraudulent transactions were issued to beneficiary accounts in southeast Asia. The report is part of Swift’s information-sharing initiative, which was established in the wake of the 2016 cyberattack on the central bank…

CyberScout announces new cyber insurance distribution model in SE Asia

CyberScout announces new cyber insurance distribution model in SE Asia

CyberScout announces new cyber insurance distribution model in SE Asia

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…

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