The German financial supervisor BaFin has issued a note that advises investors to carefully check whether information on the coronavirus pandemic contained in market letters and other promotional publications is accurate before trading in shares. “Currently, there could be cases in which investors receive recommendations for shares in companies professing to have the means to stop the spread of the…
Deutsche Bank has revealed that it may ask its German staff to cut their hours and take government money instead, as the loss-making German bank attempts to struggle through the coronavirus crisis, according to news agency Reuters. Earlier this month, the bank said the impact of the coronavirus outbreak may affect its ability to meet its financial targets. Last year,…
The Pan-Asia Risk & Insurance Management Association (Parima) will host the first of a new series of online conferences for members today, focused on the risk management and insurance matters triggered by the Covid-19 virus. It has also confirmed its new schedule of conferences for the rest of this year and into 2021. Parima said that in such a “dynamic…
Chubb has allegedly been hit by a Maze ransomware attack and has confirmed it is investigating a security incident. Ransomware operator Maze has claimed that it encrypted devices on Chubb’s network in March. Maze has not yet published any of the data it says it has stolen. Chubb has confirmed it is currently investigating a computer security incident that may…
Corporates with employees working from home during the current coronavirus pandemic are at new levels of risk from cybercriminals looking to exploit weak systems, according to Zurich. It said companies must make sure systems are as secure as possible and alert employees of threats to cybersecurity when working remotely. The insurer added that companies must check employees are trained to…
The Covid-19 outbreak is predicted to cause a recession in the eurozone and UK with GDP predicted to fall 2% this year, equivalent to a €420bn loss, said ratings agency Standard & Poor’s (S&P). A lockdown of four months though could reduce the GDP for eurozone countries by as much as 10%, it warned. The ratings agency said economic costs…
South Korea is the country with the highest exposure, of $66bn, from a prolonged slowdown in the Chinese economy caused by the coronavirus, according to analysis from UK-based risk management software and services company Russell Group. The group used a sample of historic first-quarter economic data for imports and exports to and from China and its scenario model outlines the…
There is a 6% risk of Fortune 1000 firms losing $100m or more in a year to cyberattacks, according to a probabilistic study by cybersecurity research firm Cyentia. Based on its study and projections, Cyentia found that more than 60% of Fortune 1000 firms had suffered at least one public cyber breach during the past ten years. The firms said…
Airmic’s conference is almost certainly off after the association announced it has stopped planning for the event, in light of Covid-19. It is the latest event in the risk and insurance management calendar to be hit by the virus, with many other associations across Europe and the world cancelling their annual conferences. The news came on the day that this…
Ransomware attacks surged 131% in 2019, according to Beazley, which has warned that cyber risks could be exacerbated by employees working from home during the Covid-19 pandemic. Beazley Breach Response Services (BBR Services), which bases its data on breaches reported by corporate clients, said ransom sums demanded by criminals also increased, with cases of seven- or even eight-figure demands. There…