UK exposes planned Russian cyberattacks on 2020 Olympics as US issues indictments

UK exposes planned Russian cyberattacks on 2020 Olympics as US issues indictments

UK exposes planned Russian cyberattacks on 2020 Olympics as US issues indictments

Russia was planning a major cyberattack on the 2020 Tokyo Olympic and Paralympic Games, which did not go ahead this summer because of the Covid-19 pandemic, according to intelligence collected by the UK’s National Cyber Security Centre (NCSC). The NCSC also disclosed that Russia’s GRU military intelligence service targeted the 2018 Winter Olympic and Paralympic Games in Korea. The NCSC…

Parima Resilience Week gathers top insurance industry leaders

Parima Resilience Week gathers top insurance industry leaders

Parima Resilience Week gathers top insurance industry leaders

The Pan-Asia Risk and Insurance Management Association (Parima) has gathered an impressive line-up of speakers for its coming Resilience Week (9-13 November) and expects a record number of delegates for one its events. The Singapore-based association moved swiftly to replace its usual physical conference at this time of year with the virtual event. The programme is designed to help risk…

TMF Group’s index highlights global business complexity

TMF Group’s index highlights global business complexity

TMF Group’s index highlights global business complexity

Curaçao, Israel and the US are among the simplest jurisdictions in terms of their legislative environment, while Indonesia tops the list as the most complex, according to TMF Group’s Global Business Complexity Index 2020. The index is generated from an in-depth survey of TMF Group’s in-market experts in 77 jurisdictions. The index shows there is significant global variation in the…

Fitch launches interactive ESG dashboard for global financial institutions

Fitch launches interactive ESG dashboard for global financial institutions

Fitch launches interactive ESG dashboard for global financial institutions

Fitch Ratings has rolled out a dashboard that will allow users to see the environmental, social and governance (ESG) scores it has assigned to more than 1,000 global financial institutions. The dashboard covers banks, insurers and non-bank financial institutions (NBFI). Since the scores were launched in February, Fitch said ESG risks influenced its rating decisions for 20% of banks, 3%…

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Global financial institutions have been fined $5.6bn for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations in the first seven months of 2020, according to regulatory technology firm Fenergo. This is down 30% on the same period last year, but the company expects full-year fines to equal or exceed 2019’s $8.4bn total. Fenergo said financial institutions…

ADB calls for investment in smart agriculture as food risk rises

ADB calls for investment in smart agriculture as food risk rises

ADB calls for investment in smart agriculture as food risk rises

The Asian Development Bank (ADB) has called for an investment from governments across the region in post-Covid-19 agriculture sector reforms, to support a transition from a labour-intensive supply chain to a more resilient and efficient agriculture system, including smart agriculture and mechanisation. The ADB’s recent report, Food Security in Asia and the Pacific amid the Covid-19 Pandemic, concludes that the…

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Large shipping losses hit a new low last year with 41 vessels lost worldwide, but total incidents were up year on year and Covid-19 endangers long-term safety improvements, according to Allianz Global Corporate & Specialty (AGCS). The insurer’s annual Safety & Shipping Review analyses reported worldwide shipping losses for vessels weighing more than 100 gross tons. The latest study reveals…

MAS opens door to gradual reopening of financial services sector as virus eases

MAS opens door to gradual reopening of financial services sector as virus eases

MAS opens door to gradual reopening of financial services sector as virus eases

The Monetary Authority of Singapore (MAS) has announced that financial institutions (FIs) will be allowed to reopen more customer service locations from 2 June 2020, as the country attempts to gradually return to normal as the Covid-19 pandemic eases. But the authority said the move will be controlled by “strict risk management guidelines”. Singapore has suffered a total of 32,343…

Australian government seeks to clamp down on class actions

Australian government seeks to clamp down on class actions

Australian government seeks to clamp down on class actions

The Australian government is tightening regulatory scrutiny of litigation funders, as part of an effort to clamp down on the industry following a surge in expensive class-action lawsuits, according to Reuters. Australian government treasurer Josh Frydenberg said on Friday that litigation funders will now be required to hold an Australian financial services provider licence within three months. This will increase…

Parima opposes retroactively opening up BI policies to pandemic risks

Parima opposes retroactively opening up BI policies to pandemic risks

Parima opposes retroactively opening up BI policies to pandemic risks

The Pan-Asia Risk and Insurance Management Association (Parima) has joined the fast-growing body of opposition to legislative efforts in the US and elsewhere to try and open up business interruption (BI) coverage retroactively to pandemic risks that were excluded when originally underwritten. The association has called on insurers and brokers across the Asia-Pacific region to rise to the huge challenge…

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