Data breach exposes 250 million Microsoft customer support logs

Data breach exposes 250 million Microsoft customer support logs

Data breach exposes 250 million Microsoft customer support logs

Microsoft has confirmed that a data breach of its customer service records exposed the details of 250 million logs between Microsoft support staff and customers across the globe. Comparitech said its security team, led by Bob Diachenko, uncovered the breach on 29 December 2019 and notified Microsoft, which closed down the vulnerability over several days on 30 and 31 December.…

MAS alerts financial institutions to cyber threat in Microsoft systems

MAS alerts financial institutions to cyber threat in Microsoft systems

MAS alerts financial institutions to cyber threat in Microsoft systems

The Monetary Authority of Singapore (MAS) has issued a warning to financial institutions of “critical vulnerabilities” in the Microsoft Windows operating system. The authority said vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of computer systems. The MAS has told financial institutions that use the affected operating systems to take “immediate action”…

Incorporated segregated accounts companies launched in Bermuda

Incorporated segregated accounts companies launched in Bermuda

Incorporated segregated accounts companies launched in Bermuda

Bermuda has introduced its latest company structure, the incorporated segregated accounts company, which the domicile said offers greater flexibilities and efficiencies. Bermuda’s Incorporated Segregated Accounts Companies Act 2019 (ISAC Act) – a standalone piece of legislation and a companion statute to the Segregated Accounts Companies Act 2000 – came into effect on 15 January 2020. According to the Bermuda Business…

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

The European Insurance and Occupational Pensions Authority (EIOPA) must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. Ferma’s approach provides a framework for national…

RIMS survey finds average 2% fall in North American risk salaries

RIMS survey finds average 2% fall in North American risk salaries

RIMS survey finds average 2% fall in North American risk salaries

US risk managers saw their average salary fall by 1.7% during the past two years to $118,000, with their Canadian counterparts’ pay down 4% to $101,000, according to the biennial RIMS compensation survey. More senior positions, however, recorded an increase. In analysis of 1,000 risk professional positions across all industries and locations, RIMS said chief risk officer salaries recorded a…

Insurance industry urged at WEF meeting to better reward cyber risk management

Insurance industry urged at WEF meeting to better reward cyber risk management

Insurance industry urged at WEF meeting to better reward cyber risk management

The insurance industry can play a bigger role in boosting cyber risk management by ensuring it rewards organisations that take the issue seriously and setting minimum security standards, attendees at the World Economic Forum’s (WEF) annual Davos meeting were told this week. The call to arms was made by Pascal Millaire, CEO of cyber risk analytics firm CyberCube, as he…

Employers missing a trick by not selling employee benefits to new staff

Employers missing a trick by not selling employee benefits to new staff

Employers missing a trick by not selling employee benefits to new staff

Only 22% of UK employers communicate their employee benefits offering before day one of employment and only 18% before recruitment, according to the latest research from GRiD, an industry body supported by insurers, reinsurers and brokers and designed to promote group risk and provide a collective voice to government, policymakers and stakeholders. GRiD, currently under the chairmanship of Steve Bridger,…

Firms that fail to adequately manage climate change risk will lose investment: BlackRock

Firms that fail to adequately manage climate change risk will lose investment: BlackRock

Firms that fail to adequately manage climate change risk will lose investment: BlackRock

BlackRock, the world’s largest asset manager, has announced a big shift in its investment strategy to hold companies more accountable for climate change risk management and direct investment to more sustainable companies. The US investment firm’s announcement will come as a further blow to fossil fuel companies that are already struggling to find investment and insurance for their operations. The…

Indian risk managers face tricky year but underlying political stability a plus: IRM

Indian risk managers face tricky year but underlying political stability a plus: IRM

Indian risk managers face tricky year but underlying political stability a plus: IRM

Risk managers in India face many challenges in 2020, such as a slowing economy, rising cyber threat and extreme weather. But the majority gained by the Modi government last year should at least deliver a level of political stability and economic policy consistency not seen in recent times. This should help Indian businesses weather the storm and ensure that the…

First crypto-custody captive formed in Bermuda

First crypto-custody captive formed in Bermuda

First crypto-custody captive formed in Bermuda

A captive has been launched in Bermuda that is the first in the world to insure crypto-custody. The new captive has been launched by Gemini Trust Company, a cryptocurrency exchange and custodian based in New York. The company allows customers to buy, sell and store cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin and Zcash. The captive, Nakamoto Ltd, has been…

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