Ransomware attacks “skyrocketed” by 105% in the first quarter of 2019, according to notifications collated by insurer Beazley’s Breach Response Services team. Beazley said there was also a change in style of ransomware attack, with perpetrators targeting larger organisations and demanding higher ransomware payments to unlock systems. Banking trojans have been “increasingly problematic” for companies in the first quarter of…
The African Development Bank (AfDB) is to put almost $1m into renewable projects in Ethiopia. The Sustainable Energy Fund for Africa (SEFA), managed by the AfDB, has approved a $995,000 grant to support the rollout of a sustainable procurement framework for independent power producers (IPPs) in Ethiopia. The SEFA grant will encourage private investments into hydropower projects through Ethiopia’s Renewable…
European countries dominate FM Global’s 2019 Resilience Index, taking nine of the top ten positions, led by Norway as the most resilient business environment. FM Global said the top ten was “reshuffled” for 2019, with Norway up from fourth place in 2018. Demark came second, with Switzerland – last year’s most risk-resilient country – in third. The UK was a…
Captive domiciles in Asia-Pacific are set to benefit from growth in Asia’s economies, according to AM Best. The ratings agency said it expects to see significant growth of captive formations in Asia-Pacific domiciles such as Singapore, Labuan and Hong Kong, as economies grow and businesses seek new and more sophisticated ways of risk management and control. Best noted that to…
Almost all UK professionals (98%) link mental health problems with lower productivity at work, according to research by recruitment firm Morgan McKinley for Mental Health Awareness Week. The survey also found three quarters struggling with mental health hold back from accessing support provided by employers. The findings follow a survey of 1,100 UK professionals in banking and financial services, commerce…
Senior managers must wake up to the risk of contagion within the supply chain as their companies become increasingly reliant upon technology and need a rapid response when incidents occur. But while the technology and data-based global economy may lead to more vulnerable supply chains, those companies that manage these risks more effectively using rich data and information available, will…
A study has revealed that the South Carolina captive insurance industry has an annual economic impact of $56.8m. The study was carried out by the Moore School of Business at the University of South Carolina, on behalf of the South Carolina Captive Insurance Association (SCCIA). The study focused on the economic impact of the captive insurance industry on South Carolina,…
South Carolina has also introduced a new code of conduct for captive managers, which will come into effect on 1 July 2019. Captive director Jay Branum called it “an absolute first among the over three dozen state domiciles in the US captive marketplace”. The captive insurance division of the South Carolina Department Of Insurance (SCDoI) said: “The impetus for the…
Ferma has published a manifesto listing its four risk management and insurance lobbying priorities with EU policymakers and institutions in the next parliament, which follows elections later this month. The areas of focus are digital transformation, transition to a sustainable economy, risk management education and ensuring a stable insurance market. European elections on 23-26 May will mean a new European…
Third-party supply chains have been increasingly targeted by sophisticated cyberattacks in the past year, according to research by Carbon Black that warns cybercriminals’ use of ‘island-hopping’ techniques are a “serious and complex threat”. Island hopping sees cybercriminals infiltrate smaller companies with more vulnerable security systems, to then access larger, target companies. In an article on the risks of third-party supply…
